Relating to the meeting of the MPC held on October 3rd and 4th David Kern, economic adviser to the British Chambers of Commerce, said:

"The tone of the minutes point to a softer stance on the part of the MPC and we welcome the fact that one member voted for a cut. The minutes acknowledge that the downside risks to the economy have increased and the possibility of a cut in rates was discussed at the meeting.

"It is clear, given the risks facing the economy that the next move in interest rates will be down. We urge the MPC to consider a small cut in November."