Bank split 7-2 on interest rate rise

The Bank of England’s Monetary Policy Committee (MPC) was divided for the second month in a row over interest rate policy, latest minutes show.


At the meeting on 3-4 September, Ian McCafferty and Martin Weale voted to raise rates to 0.75% from 0.5%, as they had in August.


It means the nine-member MPC voted 7-2 to hold interest rates at their historic low of 0.5%.


Interest rates have been unchanged since March 2009.


Before last month’s meeting, there had not been a split on the MPC since July 2011.