Bank split three ways for second straight month

The Bank of England's monetary-policy dilemma was further underscored on Wednesday when the minutes of the August rate-setting meeting revealed a three-way split.

The voting replicated last month's, with Tim Besley again calling for a quarter-point increase, David Blanchflower a quarter-point cut for the fourth-straight month and the other seven backing a hold.

However, the overall tone of the minutes was more dovish than those of the July meeting.

"A case could be made for an immediate increa