BoE contemplated 0.5% rate hike

The Bank of England considered raising interest rates by 50 basis points at the Monetary Policy Committee meeting of 9-10 May, the meeting's minutes showed.

The release of the minutes on 23 May marked the first time this year that there was a unanimous vote on the MPC. The committee's members did, however, not implement the 0.5% hike the minute revealed them to have contemplated, opting instead for a 0.25% rise, taking rates to 5.5%.

"The (Monetary Policy) Committee agreed that, should the eco