Bank of England MPC Minutes 5/6 November 2003

Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 19 November for the meeting of 5 and 6 November 2003. The minutes showed the MPC voted 8-1 in favour of raising interest rates to 3.75%. The only dissenter was Marian Bell who preferred to hold rates unchanged. The minutes noted that higher household debt burdens meant the committee could not be sure how consumers would react to a rate rise. "It would therefore be appropriate to move interest rates cautiously,