Sterling jumps after MPC minutes reveal members still split on rates

Minutes released by the Bank of England's Monetary Policy Committee this morning revealed a more hawkish stance than investors expected, helping to lift the flagging UK currency.

The minutes of the MPC meeting from 5-6 November reiterated the 7-2 divide of the committee members in favour of keeping ultra-low interest rates on hold, with two members continuing to back an early rate hike. Ian McCafferty and Martin Weale are the two MPC members that have been voting for an early 0.25% rate hike since August. The report caused sterling to rise from the one-year low it briefly touched this morning against the US dollar to trade at $1.5674 by mid-afternoon. One of the key worries for policymakers, which was emphasises at the latest meeting, was inflation, followi...