BoE: Dissent from two MPC members at November meeting

FXStreet (London) - Minutes released by the Bank of England showed dissent from two monetary policy committee (MPC) members – Martin Weale and Ian McCafferty – who argued at its November meeting that the Bank should move to hike rates to 0.75 percent against a backdrop of five-year inflation lows.

“For two members, economic circumstances continued to justify an immediate rise in Bank Rate. While CPI inflation was well below the target, this was largely the effect of the higher exchange rate and lower raw material prices.”