/24-7PressRelease/ - LONDON, UK, November 27, 2006 - The threat of a further interest rate rise lowered as the minutes from MPC's recent meetings reveal that the decision to raise it earlier this month was not a unanimous one.
The Bank of England's monetary policy committee released the minutes from its recent meetings that decided to increase the interest rate to 5 per cent. The minutes from the meeting revealed that two of the seven vote casting members opposed the increase. This development lowers the possibility of further interest rate rise that is currently 4.75 per cent.
The dissenting vote from Rachel Lomax, who is one of the Bank of England's deputy governors responsible for monetary policy, came as a total surprise. On previous occasions, she had always voted with Mervyn King, the Bank of England's governor.
This uncertainty that clouds the possible interest rate rise is encouraigng news for those consumers who have debts like secured loans and personal loans. It means that as of now there is a possibility that the repayment amounts may not increase further.
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