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| First split over interest rates on Bank of England's Monetary Policy Committee since last July | First split over interest rates on Bank of England's Monetary Policy Committee since last July |
| (35 minutes later) | |
| One member of the Bank of England's Monetary Policy Committee, Kristin Forbes, voted to raise interest rates to 0.5 per cent Thursday, going against the other eight of her colleagues who voted for no change. | One member of the Bank of England's Monetary Policy Committee, Kristin Forbes, voted to raise interest rates to 0.5 per cent Thursday, going against the other eight of her colleagues who voted for no change. |
| It is the first split on the MPC over rates since July last year. | It is the first split on the MPC over rates since July last year. |
| Rates were kept on hold at 0.25 per cent. | Rates were kept on hold at 0.25 per cent. |
| But there were also signs that other MPC members might be considering voting for an increase. | But there were also signs that other MPC members might be considering voting for an increase. |
| "Some members noted that it would take relatively little further upside news on the prospects for activity or inflation for them to consider that a more immediate reduction in policy support might be warranted," the minutes of the meeting said. | "Some members noted that it would take relatively little further upside news on the prospects for activity or inflation for them to consider that a more immediate reduction in policy support might be warranted," the minutes of the meeting said. |
| The pound jumped sharply to $1.2343 in response, up 0.65 per cent. | |
| The minutes also relate that Ms Forbes, an external member who is due to leave the MPC at the end of June, felt measures of domestically generated inflation had increased notably. | The minutes also relate that Ms Forbes, an external member who is due to leave the MPC at the end of June, felt measures of domestically generated inflation had increased notably. |
| In July 2016, in the wake of the Brexit referendum result, Gertjan Vlieghe, another external MPC member, voted to cut rates to 0.25 per cent while the rest of the committee voted to hold them at 0.5 per cent. | In July 2016, in the wake of the Brexit referendum result, Gertjan Vlieghe, another external MPC member, voted to cut rates to 0.25 per cent while the rest of the committee voted to hold them at 0.5 per cent. |
| There was a unanimous vote from the MPC to cut rates the following month. | There was a unanimous vote from the MPC to cut rates the following month. |
| More follows | More follows |