BOE Minutes Reveal ‘material spread of views’

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.


Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.