King outvoted over rates increase again

The Monetary Policy Committee (MPC) of the Bank of England narrowly defeated governor Mervyn King at their policy meeting in June, voting 5-4 to keep the rate unchanged at 5.5%. This was the second time that the governor was on the losing end of an MPC vote.

King and three others wanted a quarter point rise because inflation risks are on the "upside", but five members overruled him, in part because they wanted to avoid disrupting financial markets.

This was only the second time that King - or any

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