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The Bank of England's Monetary Policy Committee again split four ways at its March meeting, with one member voting to extend quantitative easing, six voting for unchanged policy, two for a 25 basis point rate hike and one for a 50 bps increase. The minutes of the Mar meeting showed that while the vote on the MPC was unchanged from Feb, the committee was wrestling with the new shocks of a sharp rise in oil price and developments in the Middle East and North Africa. The minutes said some MPC members believed the case for a rise in Bank Rate had risen.
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