BoE in favour of holding UK interest rate

Bank of England rate-setters voted overwhelmingly to keep interest rates on hold at 5.75% in their first meeting since the Northern Rock banking crisis, it was revealed today.

The Bank’s Monetary Policy Committee (MPC) voted 8-1 in favour of the move despite calls for a quarter-point cut from committee member David Blanchflower, minutes of the meeting two weeks ago revealed.