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MPC minutes - further cuts for unsecured loans?

MPC minutes - further cuts for unsecured loans?

Category: Loans

Updated: 26/11/2008
First Published: 20/11/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The minutes of the Bank of England's monetary policy committee (MPC) meeting for November have been published, prompting speculation that further interest rate cuts could be on the way.

It was revealed that all nine members of the body supported the 1.5 per cent base rate reduction, while an even greater cut was considered.

However, the committee agreed that it could not make a two per cent cut before its inflation report - published last week - could explain the reasoning.

The minutes reveal that the MPC members were concerned that a very sudden large cut would cause too much of a shock, which suggests that they could be considering further reductions in December.

And this could lead to lower rates for consumers looking for secured as well as unsecured loans.

This week the consumer prices index confirmed the Bank's belief that inflation is slowing, as it fell from 5.2 per cent in September to 4.5 per cent last month.

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