MPC duo maintain call for rate hike in September meeting

Two members of the Bank of England's Monetary Policy Committee again voted to raise rates this month, minutes from the latest meeting show.

The MPC's Ian McCafferty and Martin Weale (pictured) voted for a 25bps hike in the base rate in September, with the remaining seven members of the committee voting to keep rates on hold. The 7-2 split mirrored that seen last month, and comes despite subdued levels of headline inflation and wage growth. CPI inflation figures out yesterday dropped back to a post-crisis low of 1.5%, while today's wage growth statistics showed average earnings rose at an annualised rate of just 0.6% between May and July. The minutes of the MPC meeting held on 3 and 4 September, however, show that McCaf...