UK MPC voted 8 - 1 in favour of rate hold

David Blanchflower was the only member of the nine-strong Bank of England monetary policy committee to object to the decision earlier this month to hold rates at 5.5%, opting instead for a 25 basis point cut.

"For most members, no change in bank rate was necessary this month," the minutes said. "The short-run inflation outlook had worsened markedly...Movements in the yield curve and the yield curve and the depreciation of sterling had already provided some further monetary easing."

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