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Bank Of England Leave Rates Unchanged

News that the Bank of England has left interest rates on hold this month has received a muted response from the financial markets. While many had expected rates to remain unchanged there was a feeling that they could rise to combat inflation or fall to revive the economy. As it happens the Bank of England has again sat on the fence waiting to see if inflation falls of its own accord over the coming weeks.

It will be interesting to read the notes from the meeting, which will be released on 20th August, and see exactly which way the MPC members voted this time around. While the majority had voted for rates to remain unchanged last month, there was one member who was looking for a rise and one looking for a fall. Analysts will be looking at the notes carefully to see if there has been any increase in support for the minority camps.

As we have mentioned on a number of occasions the Bank of England is in a no win situation although a continued no-action policy is starting to attract criticism from the City. Inflation looks to be strengthening if anything so the next few weeks are critical to the future direction of rates.

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