BoE MPC split three ways on July vote

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

Tim Besley wanted to raise rates by 25 points "to keep medium-term inflation expectations anchored and ensure the committee's credibility in light of the current and prospective increase in CPI inflation".

David Blanchflower backed a quarter-point cut for the third straight month. He has failed to vote with the majority since last

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