Governor Bailey voted against a cut this month - swinging the Bank's decision that way this time. We have heard some of his thinking on the decision.

But with the vote so close there's also a lot of attention on how other MPC members voted - and what they might do next month.

The four other members who voted for rates to be held at 4% include deputy governor Clare Lombardelli who, like Bailey, is still concerned about inflationary pressures.

Huw Pill, the Bank's chief economist, believes cuts so far have been too fast. He pointed to what he said was his "longstanding concern" that structural changes in price and wage-setting behaviour was generating more persistent inflation.

External MPC members Catherine Mann and Megan Greene are also hawkish on inflationary pressures.

Among those who voted for a cut were Sarah Breeden, another deputy governor, who switched sides from her previous hold position, observing that "slack continues to build" in the economy.

Deputy governor Dave Ramsden agreed saying "previous uncertainties around the disinflation process have reduced".

The two remaining external members also both voted for a cut.

Swati Dhingra said the interest rate should already be lower to account for the lag - or delay - in the impact feeding through to the real economy.

Alan Taylor said current borrowing costs were too restrictive and he worried the Bank would undershoot its 2% inflation target next year.

 

courtesy of BBC news