The monetary policy committee voted six to three to hold interest rates steady despite consumers’ reticence to spendBusiness live – latest updatesThere was no doubt in the City that the Bank of England would hold interest rates at 4.75%. An increase in annual inflation last month and a sharp rise in wages in the autumn meant its monetary policy committee (MPC) was widely expected to hold fire on a third rate cut this year.What many will find more surprising is the yawning gap between the six committee members who voted to hold rates and the three who voted for a reduction. Continue reading...