But the case for weakens
ECONOMIC data has swung against an early rate rise since August’s vote.
Consumer price inflation has dropped further below target to 1.6 per cent, and wages fell year-on-year for the first time in five years – albeit partly due to one-off effects.
“We do not believe that a November 2014 Bank Rate hike is materially more likely following these minutes,” said Ross Walker, an economist at RBS who had correctly forecast the vote split.
“We continue to regard Messrs Weale and McCafferty as outliers not bellwethers – at the margin, our confidence in this view is reinforced following yesterday’s CPI.”