Andrew Bailey to have ‘deciding vote’ on interest rates

Andrew Bailey faces a crunch decision on interest rates. Credit - Getty

Bank of England Governor Andrew Bailey is set to have the deciding vote on whether to slash interest rates by 25 basis points, analysts have said.

The Bank is expected to keep interest rates on hold at four per cent but several analysts have said the decision is on a knife-edge, with four Monetary Policy Committee (MPC) members expected to vote each way.

This even split on the MPC would leave Bailey, who has offered mixed views on the path of interest rates, to decide whether borrowing costs should be lowered.

Analysis by several City firms has indicated that four members expected to vote for a cut include external members Swati Dhingra and Alan Taylor plus deputy governors Sarah Breeden and Dave Ramsden.

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