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Bank voted 7-2 to freeze UK rates

By Sayovi     Feb 21, 2007 in Business
The Bank of England's rate-setting body voted 7-2 to keep UK interest rates on hold at 5.25% in February, minutes from its meeting have shown.
The Bank of England had increased its interest rate 3 times last year.The last time it raised was in January 2007 and is expected to raise again which was addressed in the minutes and said that another rate rise too soon might lead to excessive tightening.
"There was time to observe the impact of past decisions and to see whether any of the upside or downside risks were crystallising," it said.
Though the Bank's Monetary Policy Committee said more time was needed to see the impact of January's shock rise, Some analysts say the vote is likely to reinforce market belief that UK interest rates will climb further.
UK inflation fell in January, but is still well above the government's target of 2%.
More about United Kingdom, Bank of England, Interest rate
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