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Sentance again votes for MPC interest rate rise
MPC member Andrew Sentence was once again a lone voice in calling for a rise in interest rates, according to the minutes of the July meeting.
He voted to lift the Bank rate to 0.75 per cent from the record low of 0.5 per cent, at the MPC’s regular meeting to ste rates.
The most recent consumer price inflation (CPI) figure for June at 3.2 per cent – above the Bank’s target rate of two per cent.
But the committee forecast that slow economic growth would suppress prices.