English bank policy makers not in accord

LONDON, Aug. 20 (UPI) -- The Bank of England's Monetary Policy Committee weren't in unanimous agreement when they kept interest rates intact two weeks ago, the bank said.

Minutes of the meeting, released Wednesday, revealed that external MPC member Tim Besley pressed to raise interest rates to slow inflation, while David Blanchflower voted for the 11th consecutive month to cut rates to stimulate the economy, The Times of London reported.

The vote ended at 7-1-1.

It was the second consecutive month Besley broke ranks and pushed for a stand against inflation, his argument backed by July's inflation rate of 4.4 percent, the highest monthly price increases in 16 years, the newspaper reported.

The bank's policy members looked at all three options: Cut, maintain or raise rates.

Raising rates could have slowed the economy and pushed inflation below the bank's target rate, while cutting rates could have led to inflation-pushing wage hikes, The Times said.