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Bank of England votes against base rate rise

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The Bank of England has voted against an interest rate rise in its latest monetary policy meeting, despite a return to rising inflation revealed this week.

Only two MPC members voted in favour of a rate rise.

Consumer confidence has fallen to its lowest point since December 2013, according to the latest Thomson Reuters/ Ipsos Primary Consumer Sentiment Index, released today.

Ipsos Mori managing director of public affairs Bobby Duffy confidence in job security fell substantially and there were weakening perceptions of investment.

Unemployment figures released on Wednesday reached record lows of 4.3 per cent, but wage growth of 2.1 per cent failed to keep up pace with inflation.

Duffy says: “Constant wrangling and positioning in the ongoing UK/EU talks may be contributing to this uncertain outlook while weak wage growth continues to bite.”

The MPC says that inflation remains likely to overshoot the 2 per cent target over the next three years.

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