Minutes show Blanchflower dissented on rate rise

The Bank of England's interest rate setting Monetary Policy Committee voted six-to-one to raise its key repo rate by a quarter point to 4.75 pct at its meeting on 3 August, minutes released Wednesday 16 August showed.

The minutes to the meeting revealed that only the Monetary Policy Committee's most recent member, David Blanchflower, voted to leave rates on hold.

"Against the background of firm growth, limited spare capacity, rapid growth of broad money and credit, and with inflation likely to