MPC unanimous on holding rates amid inflation risk

Each of the nine members of the Bank of England's Monetary Policy Committee (MPC) voted to hold interest rates at the historic low of 0.5% this month, minutes from their latest meeting show.

Members voted for an unchanged rate amid what it believes could be "more persistent" upward pressure on inflation. Meanwhile, the minutes, published this morning, show that MPC member David Miles was the lone voice calling for an increase in the government's asset purchase programme, known as quantitative easing (QE). Miles voted to inject a further £25bn into the economy, which would have taken the total QE programme to £350bn. Adam Posen, who has long argued for more QE, dropped his call for another round of stimulus. The Bank said further shocks to oil and other commodity prices...