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BOE minutes: no changes in voting

According to the October 9 meeting minutes, the Bank of England voted 7-2 to leave interest rates unchanged at 0.5%. MPC sees weak price pressures and low wage growth as a threat for the economy. Weaker global demand and stronger pound slowing export growth, policymakers note.

This is the third meeting in a row when policymakers Weale and McCaferty (both external members of the committee) call for rates to rise to 0.75% in response to stronger labor market conditions. They highlight a negative impact of holding rates too low for too long.

GBP/USD fell back towards $1.6000 on the news. 

 

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