The Bank of England’s rate-setting committee is divided on the risks facing the U.K.’s economy, with two members continuing to vote for a hike in interest rates, minutes of its latest policy meeting revealed.
November marks the fourth month that committee members Martin Weale and Ian McCafferty – widely viewed as the most hawkish members of the Monetary Policy Committee (MPC) – voted for a change in policy.
The pair argued for an increase in the main interest rate by 25 basis points, while the remaining seven members of the committee voted to maintain the rate at its current record low of 0.5 percent. “For most members, the outlook for inflation in the medium term justified maintaining the current stance of monetary policy,” the minutes said, but also noted a “material spread of views on the balance of risks to the outlook” within the group.
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