The BOE's Monetary Policy Committee discussed cutting interest rates to below 0.5% at its...

|By:, SA News Editor

The BOE's Monetary Policy Committee discussed cutting interest rates to below 0.5% at its meeting earlier this month, but in the end voted 9-0 to make no change, due to fears that such action could weaken bank balance sheets and undercut lending. The minutes show that the MPC is unlikely to cut rates "in the foreseeable future." The panel also voted 8-1 to end the bank's latest round of QE.