Minutes of Bank of England MPC, August

The minutes from the Monetary Policy Committee of the Bank of England were released on August 18. They reveal that while members of the MPC were unanimous in their decision to raise interest rates in August, the UK may be approaching the end of the series of rate rises which began in November 2003.

With spare capacity in the economy at low levels, demand for resources was judged to be high relative to supply, and likely to also grow faster. However, the expectation was that previous rises woul