First MPC vote for interest rate hike since August 2008

Andrew Sentance voted to lift rates to 0.75% from their record low of 0.5%, due to stubborn inflation, minutes show. It was the first call for a UK rate rise by an MPC member since August 2008, and will surprise economists, who expected another unanimous decision, according to the BBC. The other MPC members called for rates to be held at its June meeting. A 7-to-1 majority ensured rates were kept at 0.5% for the 15th month in a row. The Bank also decided not to inject any more money into the UK economy under its policy of quantitative easing (QE). Inflation hit a 17-month high o...