There are not that many occasions in my life when I am happy to be wrong, but today’s announcement to hold the Bank of England base rate at 0.5% is one of those occasions. I had previously suggested that I expected rates to rise in July 2011. This has yet to occur. Mind you, this is only good news for borrowers and not favourable for cash savers. The minutes of the meeting will be published by the Bank will be released on 20th July. For the record, last month of the seven members of the Monetary Policy Committee in June they voted 5:2 in favour of holding rates. It will be interesting to see if the vote was a little closer today.

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