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Monetary Policy Committee points to better economic prospects

Minutes from a meeting of the Bank of England’s Monetary Policy Committee (MPC) show unemployment and output could improve at a faster pace than first thought.

The October meeting of policymakers showed they were more positive about 2013 prospects than the last meeting in August.

Minutes stated: “The fall in unemployment in the three months to July appeared to reflect growth in full-time permanent jobs, and there was no reason to believe it to be erratic.

“Moreover, average hours had continued to rise such that total hours worked had increased by more than employment in heads in the three months to July.

“It now therefore seemed probable that unemployment would be lower, and output growth faster, in the second half of 2013 than expected at the time of the August Inflation Report.”

The MPC voted to keep the current interest rate at 0.5%.

This was posted in Bdaily's Members' News section by Tom Keighley .