More policy-makers vote for interest rate rise

28 July, 2011


Today’s Minutes of February’s Bank of England interest rate meeting showed that 3 members voted for a rate rise this month, an increase from the 2 members who have been supporting a rise recently.

The Committee is made up of 9 members, with the other 6 voting for interest rates to stay at 0.5%.

The vote shows that there is increasing appetite for interest rate rises, which should help control inflation. Rate rises also tend to help the Pound, resulting in better exchange rates for sending money abroad.

The Pound has gained 0.5c against both the Euro and US Dollar this morning.