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The Bank of England (BoE) released the minutes of its August meeting. Two members (Martin Weale and Ian McCafferty) of the BoE's Monetary Policy Committee unexpectedly voted to hike interest rate to 0.75% from 0.5%. Other seven members voted to keep interest rate on hold. That was the first split in more than three years.
Investors expect that the Bank of England will raise its interest rate in the earlier 2015. The main reason for the delay could be the weaker wage growth. The average earnings index, including bonuses, dropped by 0.2% in the three months to June, missing expectations for a 0.1% decrease, after a 0.4% rise in the three months to May. That was first negative average earnings index since March-May 2009.
But the BoE Governor Mark Carney said on Sunday that the Bank of England don't need to wait for wage growth to rise its interest rate.
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