Analysts earmark Feb for rate rise as sole MPC member backs increase

Eight of the nine-strong MPC voted on 6 August to keep rates unchanged at their historical low of 0.5%, prompting sterling to fall 1% against the dollar and euro. Economists had predicted two or three members would support a rise this month, and news the Bank is taking a more cautious stance put immediate pressure on the pound. Commentators now believe it is unlikely there will be an interest rate rise this year, with markets anticipating an increase next February at the earliest. Thursday 6 August had been dubbed 'Super Thursday' because, for the first time, the MPC's rate decisio...