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The minutes from the from the Bank of England’s (BoE’s) Monetary Policy Committee meeting on 6-7th August showed for the first time in three years a split of opinion between members. Two of the nine policy makers, Ian McCafferty and Martin Weale, voted to increase the base rate 25 points – raising interest rates from the record low of 0.5% to 0.75%. The remaining seven voted to keep it the same. The base interest rate has remained unchanged since March 2009. This follows the release of official data showing inflation (CPI) falling to 1.6% in July (from 1.9% in June)… continue reading