BoE rate-setters have fears for UK economy

Bank of England policymakers fear the shock decline in the UK economy at the end of last year may not have been temporary as consumers have continued to tighten their belts.

March minutes of the Bank’s Monetary Policy Committee (MPC) meeting showed members who voted in favour of holding interest rates at their historic low of 0.5% were still minded to wait to see how the economy has fared in the first quarter of this year before altering their stance.