Bank still fears inflation will rise; In association with BUSINESS.Byline: BILL GLEESON LINGERING lin·ger v. lin·gered, lin·ger·ing, lin·gers v.intr. 1. To be slow in leaving, especially out of reluctance; tarry. See Synonyms at stay1. 2. inflation concerns prompted Bank of England Bank of England, central bank and note-issuing institution of Great Britain. Popularly known as the Old Lady of Threadneedle Street, its main office stands on the street of that name in London. policymakers to hold rates at 5.75% in November, it was revealed yesterday. The Bank's nine-member Monetary Policy Committee (MPC (1) (Mobile PC) A handheld or laptop computer. See handheld computer, laptop computer and Ultra-Mobile PC. (2) (MultiPath Channel) See multipath. ) voted 7-2 in favour of holding borrowing costs two weeks ago, amid worries over soaring oil and food costs and firmer-than-expected growth, said the minutes of the meeting. The MPC said it would "wait and see" to assess the extent of any economic slowdown, and said the effects of the recent financial market turmoil on households and businesses "were so far limited". Some analysts have predicted a cut as soon as next month, although this now appears less likely following yesterday's evidence of the Bank's cautious approach. Despite some evidence of a cooling housing market and slowing business activity, the majority of the MPC's members were afraid of cutting rates too soon and adding to inflation fears. |
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