Minutes show BoE split 5-4 on rate increase

The Bank of England's Monetary Policy Committee voted 5-4 in favour of the surprise rate hike on 11 January, minutes of the meeting published Wednesday 24 January showed.

The minutes showed that Rachel Lomax and David Blanchflower, who both voted against the November increase as well, were joined by Bank of England chief economist Charlie Bean and by the central bank's executive director of markets, Paul Tucker.

Though the minutes showed that all nine members agreed that the balance of risks to