Belfast Telegraph

MPC votes for interest to stay low

By Jamie Grierson

The pressure on Bank of England policymakers has been underlined after the release of minutes which revealed their decision not to inject more cash into the struggling economy earlier this month was 'finely balanced'.

The Monetary Policy Committee (MPC) was unanimously in favour of holding interest rates at a record low of 0.5% this month while only one member, David Miles, voted to increase the Bank's quantitative easing programme from its level of £325bn.

But minutes from the May meeting said that the committee could boost support if needed as fears over persistently weak growth remained, while inflation could fall below target.