BOE Splits on Rate as Sentance Pushes for Increase

Bank of England policy maker Andrew Sentance made the first push for an interest-rate increase in almost two years this month, opening a split among officials on the strength of the economic recovery.

The Monetary Policy Committee voted 7-1 to keep the benchmark interest rate at 0.5 percent, according to minutes of the June 10 decision released in London today. Sentance favored an increase to 0.75 percent, arguing that inflation was proving to be “resilient” after the recession.