MPC minutes may suggest rates stalemate

The minutes of this month's meeting of the Bank of England's monetary policy committee (MPC) may indicate that its members have entrenched their positions, raising the prospect that there will be no change in the near future.

All nine members were shown to have voted exactly the same way in August as they did in July, with seven opting to hold the base rate at five per cent.

Tim Besley wanted to see a rate rise of 0.25 per cent and David Blanchflower advocated a cut by the same amount.

As well as copying the July outcome, the decision was the fourth successive time the MPC has decided to hold the base rate as it faces up to the contrasting challenges of rising inflation and slowing economic growth.

Rather than wait for a cut that could make mortgages more affordable, those looking to get on the housing ladder may decide to see how much money they might save using the self build method.