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21 September 2006
The Bank of England monetary policy committee (MPC) may raise interest rates in October or November, according to analysts who have studied the minutes of the September MPC meeting which were published yesterday.
The committee voted eight to nil to keep rates at 4.75 per cent after August's rise, but noted that: "Given that inflation was projected to remain above target for some time, a majority judged the data had been supportive of the decision to reduce the degree of monetary accommodation."
Economists interpreted the comments as an indication that a further rise might come in November, or even sooner.
Nick Stamenkovic at bond brokers RIA, told the Independent that an October raise was possible, although "they tend to move in line with the inflation report", which is next published in November.
Royal Bank of Scotland chief economist Geoffrey Dicks said: "A hike in November is increasingly on the cards."
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