Sir John Gieve, the deputy governor at the Bank of England responsible for financial stability, was one of two dissenters who voted for a rate cut at the monetary policy committee's November meeting, minutes published on Wednesday reveal.

Though economists had forecasted a seven-to-two decision in favour of a rate hold, Sir John's defection was unexpected as he has only dissented once in the past and, in that instance, was in favour of a rate hike.

The other committee member in favour of a rate