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Base rate 'may be trimmed next month'

3rd September 2008 | back to article listings BACK    print this article PRINT

The next reduction in the Bank of England's base rate may come as early as next month, an economist has suggested.

New Star Asset Management economist Simon Ward told Citywire that he is sure there will be no change when the Bank of England's monetary policy committee (MPC) announces its decision tomorrow, but there will be a change to the recent pattern.

He commented: "I'm expecting more members to vote for a cut and this may pave the way for an actual rate cut in October or November."

In recent months only David Blanchflower has voted for a cut and in each of the last two meetings he has been opposed by Tim Besley, who wanted to raise the rate.

The Reuters poll before the meeting found all 67 economists quizzed predicting no change.

However, the news agency noted that some of these did suggest a reduction in the rate was possible in November.

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