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Deja vu as MPC copies July vote

Deja vu as MPC copies July vote

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The publication today of the minutes of the Bank of England's monetary policy committee (MPC) meeting this month have revealed that the vote was identical to that in July.

As was the case last month, David Blanchflower wanted to see the base rate reduced by 0.25 per cent, Tim Besley advocated an increase by the same amount and the other seven opted to hold the rate.

Such a position not only copied July but was the fourth successive hold decision.

This may indicate that the next change in the base rate is months away as the MPC grapples with the contrasting problems of rising consumer prices index inflation and a slowing economy.

Consumers seeking remortgage quotes may consider this as they look around for the best deal and take advice on what is the best way to proceed.

Earlier this week Tim Besley argued in an article in the Sun that cutting the base rate while the CPI is still rising could lead to a repeat of the high levels of inflation seen in the 1970s.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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