By Marcus Leach
Minutes from the Bank of England's (BoE) June meeting have seemingly dashed any hope that there would be a change in approach to interest rates with a new member.
Minutes showed that Ben Broadbent, the former Goldman Sachs economist, voted with the majority of the Monetary Policy Committee (MPC) to keep the interest rate at 0.5%.
Broadbent's decision is a break from his predecessor, Andrew Sentance, who had been in favour of a 0.5% rise in the rate for several months.
With all other members of the MPC sticking to their guns the total count on votes remained at seven to two in favour of keeping rates at their record low, where they have remained for over two years now.
Before he assumed his position on the committee it was unsure which way Broadbent would vote, however, now that he has made his decision it seems the more hawkish members of the committee will have to wait for any prospect of a rise.
“Naturally with fears about growth comes the belief that further asset purchases may be needed, and the board has taken on a more dovish turn since the departure of arch-hawk Andrew Sentence," Jeremy Cook, chief economist at World First foreign exchange said.
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