The Bank of England (BoE) released its minutes of the monetary policy committee meeting today. Two members, Ian McCafferty and Martin Weale, voted for the third consecutive month to raise interest rates to 0.75% from 0.5%.

Seven of the nine MPC members voted to keep interest rate at 0.5%.

The votes split was not new, but the wording was bearish. The BoE said that there was a slight loss of momentum in September, and it expects that GDP growth in the fourth quarter would slow to 0.8%.

The central bank pointed out that interest rate hike "might leave the economy vulnerable to shocks".