Bank of England MPC members prepared to cut rate - reports

MPC voted by a majority of 7-2 to maintain rate in December

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The next MPC meeting is due to take place on 30 January
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The next MPC meeting is due to take place on 30 January

A Bank of England Monetary Policy Committee (MPC) member has said he would be prepared to vote for an interest rate cut should there be no improvement in economic data since the general election, the Financial Times has reported.

Policymaker Gertjan Vlieghe told the FT: "I really need to see an imminent and significant improvement in the UK data to justify waiting a little bit longer." According to the FT, he said: "If you knew nothing about Brexit… and just looked at the UK data, you could reasonably make the case we should have cut rates already." UK inflation remains 'well below' target Vlieghe joins MPC member Silvana Tenreyo who also spoke about the prospect of voting to lower the Bank's central rate at a Resolution Foundation conference on Friday (10 January). The BBC reported that Tenreyo said: "I...

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