Touch and go
THE Bank of England handed a gift to Gordon Brown as he celebrated his surprise wedding last month: it held interest rates at 6.0%. However, the chancellor only just got his bouquet. Four of the nine-strong Monetary Policy Committee (MPC), including the two deputy governors and the Bank's chief economist, voted to raise the base rate to 6.25%. An unexpected recent weakening in the pound may tilt the decision their way when the MPC meets next week. But with no other decisive economic development in the past month, the meeting looks set to be as keenly fought as the last one.
This article appeared in the Britain section of the print edition under the headline “Touch and go”
From the September 2nd 2000 edition
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