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King’s Stance on U.K. Rate Aided by Fisher Caution on Recovery

Bank of England Governor Mervyn King’s push to keep interest rates at a record low may have strengthened this month as his top official for financial markets leads a defense against advocates for an increase.

Paul Fisher said last week he wants to be sure the economy is over its “soft patch” before the key interest rate is increased and that officials who share his view should be more vocal. The nine-member Monetary Policy Committee, led by King, held the key rate at 0.5 percent today, as forecast by all 55 economists in a Bloomberg News survey.