Bank Of England Voted 7-2 To Keep Rates Low At November Meeting

The Bank of England's Monetary Policy Committee voted 7-2 at its November meeting to keep rates on hold, according to minutes released on Wednesday. The minutes from the meeting on Nov. 5 and 6 show seven members were in favor of leaving the key interest rate at a record low of 0.5%, where it has stood since March 2009. The minutes record that dissenting members Martin Weale and Ian McCafferty voted for a rise in the BOE's benchmark rate -- known as Bank Rate -- to 0.75% from a low of 0.5%, as they did at the August and September gatherings. All members voted in favor of keeping the 375 billion-pound ($585 billion) asset-purchase program unchanged. The pound rose after the minutes, trading at $1.5629, down from $1.5598 ahead of the report.