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Reflections on My First Four Votes on the Mpc

In this speech, Professor David Blanchflower, member of the Monetary Policy Committee (MPC), sets out his reasons for voting against the August 2006 rise in interest rates. He explains that in his opinion the data available at the time of the decision were not indicative of a reduction in spare capacity in the economy, in contrast to the opinions of some of the other members of the MPC. He also sets out his belief that the risk to near-term spending growth from a weakening labour market outweighed the chance of greater spending growth stemming from too loose a policy stance.