MPC minutes reveal two members voted for August rate hike

Two members of the Bank of England's Monetary Policy Committee voted for a 25bps rate hike this month, latest minutes show - the first call for hikes in over three years.

The vote for hiking the Bank of England interest rate was divided for the first time since July 2011, with seven members voting to keep rates on hold and two voting for a small hike. The minutes show that MPC members Ian McCafferty and Martin Weale both argued for an immediate increase in the bank rate from the record low level 0.5%. However, the majority of members, including governor Mark Carney, remain cautious, saying there is insufficient evidence of inflation to justify an immediate hike in rates.  The meeting minutes published this morning state: "For two members, in particu...