The Bank of England’s interest rate-setting committee was divided over its latest decision, in which it increased rates for the ninth time in a row to 3.5%.
One member of the monetary policy committee wanted to go further than the agreed rise of 0.5 percentage points and to repeat November’s 0.75-point increase, the biggest since 1989. Others wanted to hold rates at 3%.
Six members of the nine-strong committee, including Andrew Bailey, the bank’s governor, voted to continue raising rates but to slow the pace as economic activity lags, settling on a 0.5% rise, in line with market predictions.
