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Bank of England MPC minutes hint at rate cut

23 December 2004
The minutes of the last Bank of England monetary policy committee (MPC) meeting have hinted that there may be interest rate cuts on the way.

The members of the MPC all voted to keep interest rates on hold in their December meeting, but the details of their deliberations show that some members are talking about when, not if, rates will come down.

“The minutes of the December MPC meeting released [yesterday] indicate that the possibility of a cut in base rates was discussed. No member of the Committee thought there was enough information 'to make a persuasive case for a reduction' at this point but the fact that such a decision was considered at a time when the market remains quite so tight is significant,” said Simon Rubinsohn, chief economist at wealth management firm Gerrard.

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