The Bank of England (BoE) is close to taking a decision on increasing bank interest rate, which currently stands at 0.5% since 2009.
Earlier, BoE Governor Mark Carney hosted the minutes of the Monetary Policy Committee meeting on 7 and 8 May 2014, where he invited the Committee members to vote on the propositions.
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Some members of the committee were ready to vote for increase in interest rate, while others argued that the case for keeping rates on hold is finely balanced now.
Many committee members voted to keep bank rate stable at 0.5%.
The Monetary Policy Committee also noted that instead of increasing rates, the bank should tighten its Financial Policy Committee to control the effects of low rates on the country’s housing market.
The move by BoE to increase interest rates came after the country witnessed economic recovery and rise in prices of property.
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By GlobalDataIf the rates are increased, the bank will be the first central bank to do so since the European Central Bank fastened its monetary policy in summer 2011.
