The Bank of England lowered interest rates by a quarter point to 4 per cent on Thursday, but the knife-edge vote and higher inflation forecasts prompted investors to rein in bets on further cuts.
In an unprecedented second vote by the central bank’s Monetary Policy Committee, after it initially failed to reach a majority verdict, five members backed the quarter-point cut, while four voted to keep rates on hold.
The split vote highlighted deep divisions in the MPC over the twin challenges of flagging growth and stubborn inflation. It also left businesses and consumers facing the possibility of interest rates staying higher for longer than expected.
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