Bank of England split vote on interest rate hike

Following on from last week’s decision to keep interest rates on hold at 0.5%, the Bank of England released the minutes of the vote held by the nine members of the policy setting committee.  For the first time in 3 years, the vote was not unanimous and showed a 7-2 split with two members, Martin Weale and Ian McCaffety voting to increase the base rate by 0.25%.   Sterling strengthened on the news although it was expected that Martin Weale would vote for the rise leading to an 8-1 split.  Ian McCafferty is considered to be the next most hawkish member, followed by Andy Haldane who voted, this time, to keep rates on hold.  A 6-3 split next time would make things interesting as it would bring the vote right to the four members who are considered to maintain a balanced view – none of whom count amongst their number the biggest dove of them all, Governor Mark Carney