Bank split over rate cut

UK - The Bank of England's surprise cut in interest rates earlier this month on 2 August was approved by a six-to-three majority, minutes from the rate-setting meeting have revealed.

The Bank's two deputy governors, Mervyn King and David Clementi, as well as Iain Plenderleith voted against the 0.25% cut in the base lending rate.

The minutes show that the Bank's rate-setting body, the Monetary Policy Committee (MPC), was aware that a rate cut could worsen the imbalances in the economy between st