SMPC votes Six / Three to Hold Bank Rate in July
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Concerns about Brexit was one of the critical reasons that those that voted to keep rates on hold did so. Uncertainty about a deal, its terms and an extension of the deadline for the UK to leave the EU beyond 31 October are acting to weaken business sentiment. Other arguments focused on slow
growth in broad money supply, signs that the global and UK economy is slowing were reasons given by those voting to keep rates at 0.75%.
Those that voted for rate rises worried that low rates were damaging the economy, in particular, weak business investment in new technologies that improve productivity. Besides, low unemployment and rising wages suggest to some that a rate rise should take place so that monetary policy starts to be ‘normalised’