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Bank of England holds interest rates at 0.25%

The decision to hold interest rates was not unanimous. Credit: PA

The Bank of England has kept interest rates on hold at 0.25%, but for the first time since last July, the vote by the committee that sets rates was not unanimous.

Eight of the nine members of the Monetary Policy Committee (MPC) backed the no-change decision.

However, Kristin Forbes, who leaves at the end of June, voted for a rise to 0.5% minutes from the MPC meeting reveal.

Ms Forbes made the move amid fears that inflation is "rising quickly and was likely to remain above target for at least three years", according to the report.

While it marks the first non-unanimous vote since last summer, it also comes as the first call for a rate increase since January 2016.

The decision is the last before Article 50 is expected to be triggered later this month and policymakers were widely expected to leave rates at 0.25% in the face of potential economic turmoil from Brexit negotiations.

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