Bank of England's September minutes

The minutes from the September meeting of the Monetary Policy Committee show most members judged maintaining the current rate necessary to bring inflation back to target.

Eight out of the nine members voted to keep bank rate at 5%. David Blanchflower voted against the decision preferring a reduction of 50 basis points.

The committee also noted that the main news about the upside risk to inflation in the medium term had been the recent sharp depreciation of sterling. If that were to persist, it

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