The Bank of England delivered its first rate rise in more than three years, with the Monetary Policy Committee voting 8 to 1 to nudge Bank Rate up by 0.25 percentage points to 4%. External member Catherine Mann wanted a larger 0.5 point step. The split looked more hawkish than many expected because some of the usual doves sided with a hike. Governor Andrew Bailey said he could see the "argument for a further increase in rates and thereafter taking a more conditional approach" to policy.
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