Weak sterling holds policy

Ben Southwood
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THE BANK of England’s monetary policy committee (MPC), kept rates and quantitative easing (QE) on hold due to worries about “unwarranted depreciation” of sterling, minutes showed yesterday.

Six members of the MPC voted against further policy easing in March, against three including the governor who wanted £25bn more QE.

All nine opposed changing interest rates from the Bank Rate’s record low of 0.5 per cent.