Rates remain on hold in Britain

South Africa News.Net
Wednesday 23rd July, 2008

Bank of England policymakers have voted to keep rates steady at 5% in the UK.

The meeting was split on the decision to keep rates steady with one senior member voting for a cut and another for a rise.

Minutes of the meeting showed that Timothy Besley wanted to raise the cost of borrowing to 5.25%.

David Blanchflower voted to reduce rates to 4.75%.

The vote for a rise in interest rates surprised financial markets and analysts said it suggested that further rate cuts might not be forthcoming.

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