– The Bank of England’s policymaking body remained divided over the decision to maintain the interest rate at a record low in July, the minutes of the meeting published on Wednesday revealed.

The nine-member Monetary Policy Committee voted 7-2 to retain the Bank Rate at 0.5 percent. Policymakers Spencer Dale and Martin Weale stuck to their call for a quarter-point increase in the rate. The meeting was held on July 6 and 7.

Meanwhile, eight MPC members voted to leave the size of asset purchase programme unchanged at GBP 200 billion. Adam Posen continued to be the only dissenter, seeking a GBP 50 billion increase in the programme.

Most members judged that it was appropriate to maintain the current stance of monetary policy at the July meeting, the minutes said. Further, they observed that recent developments had reduced the likelihood that a tightening in policy would be warranted in the near term.

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