Bank base rateThe Bank of England has voted 8-1 to keep interest rates on hold at 0.5%

The bank also lowered its estimate for the UK’s economic growth in the third quarter of this year from 0.7% down to 0.6%.

For the second month, Ian McCafferty was the only one of its Monetary Policy Committee (MPC) members to vote for an increase in rates.

Policy makers also said that the risks from the slowing Chinese economy had increased since August.

In its summary, the committee said: “Developments since then have increased the risks to prospects in China, as well as to other emerging economies.”

It added: “Global developments do not as yet appear sufficient to alter materially the central outlook described in the August Report, but the greater downside risks to the global environment merit close monitoring for any impact on domestic economic activity.”

It said that the reason for reducing its UK growth forecast had been the latest run of poor manufacturing and industrial production figures.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.