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MPC votes 2-7 for an interest rate rise

The August minutes of the Bank of England's Monetary Policy Committee (MPC) show that 2 of the 9 members voted for an interest rate rise of 0.25% to 0.75%.

This is the first time in three years that there has not be unanimity amongst the MPC members, suggesting that interest rates may rose sooner rather than later. On this expectation, sterling jumped 0.2% against the dollar to $1.66.

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