17 September 2003, 13:03  All BoE MPC members voted to keep rates on hold

LONDON, Sept 17 - All nine members of the Bank of England Monetary Policy Committee voted to keep interest rates on hold this month, but some thought a rise in borrowing costs may soon be needed. Minutes of the September 3-4 meeting published on Wednesday showed ths MPC were agreed that it was particularly difficult to assess the state of the British economy at present, suggesting leaving rates at their 48-year low of 3.5 percent was the best option. The minutes said that for most members this decision was clearcut, but for some it was more finely balanced between keeping rates on hold and taking back the cut they had administered in July. "The decision to reduce the rate in July had in part been precautionary in the face of external and domestic downside risks. Now that these risks had eased the need for that additional stimulus to UK demand and activity... was to those members no longer so clear." //

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