Deep Dive: Divergence of MPC votes proves BoE's avoidance of groupthink

Should be 'welcomed'

Divergent opinions within the Bank of England's Monetary Policy Committee is one of the central bank's greatest strengths, fund managers have argued.

Responsible for making decisions about the Bank Rate, the nine-member MPC sets and announces policy eight times a year –roughly once every six weeks– alongside regular meetings to consult on how the economy is progressing. The last time the MPC reached a unanimous decision on rates was September 2021, opting to hold at 0.1%. Since the current hiking cycle began, no decision has been made without at least one dissenting vote. At the latest meeting, seven voted to hold rates at 5.25% –governor Andrew Bailey, Sarah Breeden, Ben Broadbent, Megan Greene, Jonathan Haskel, Catherine Mann and...