MPC votes 8-1 to hold rates as domestic data weighs

Bank to monitor impact of global volatility

The Bank of England's monetary policy committee has voted to hold interest rates at their record low level of 0.5% in September.

Its voting split to hold rates was 8-1 for the second consecutive month, with Ian McCafferty again voting for a hike to 0.75%.  In its notes, the committee said recent events in China had increased the risks to the Chinese economy and that of other emerging markets. However, it added volatility over the summer had not materially impacted its decision.  It said: "While these developments have the potential to add to the global headwinds to UK growth and inflation, they must be weighed against the prospects for a continued healthy domestic expansion...