Belfast Telegraph

Interest rate holds-but one voice in call for rise

By Holly Willaims

The Bank of England has kept interest rates on hold at 0.25%, but mounting concern over surging inflation saw one policymaker vote for a hike in the first split decision since last July.

Minutes of the Monetary Policy Committee (MPC) meeting showed that while eight members backed the no-change decision, outgoing rate-setter Kristin Forbes voted for a rise to 0.5%.

Ms Forbes, who leaves at the end of June, made the move amid fears that inflation is "rising quickly and was likely to remain above target for at least three years", according to the report.

While it marks the first non-unanimous vote since last summer, it's also the first call for an increase since January 2016.

The decision is the last before Article 50 is triggered later this month and policymakers were expected to leave rates at 0.25% in the face of potential economic upset from Brexit negotiations.

Belfast Telegraph