The minutes of the latest policy meeting at the Bank of England show that a second member voted to back an interest rate rise as inflation remains stubbornly high, according to The Daily Telegraph. On Wednesday, the minutes of the January meeting of the Monetary Policy Committee were published, and showed that Martin Weale joined Andrew Sentance in support of a quarter point increase in the benchmark interest rate set by the central bank. The shift split the committee 6-2-1, with the majority preferring to leave rates unchanged, and Adam Posen continuing the call for additional stimulus.

The record-low benchmark interest rate was left unchanged at 0.5% in January despite inflation’s rise to 3.7% to mark the highest in eight months, and the decision to hold rates was called “finely balanced” in the minutes. According to Financial Times, BOE Governor Mervyn King defended monetary policy, asserting that the economy was “well placed for a return to sustained, balanced growth.” The MPC vote came before fourth quarter growth data was released, showing that the U.K. economy contracted 0.5%, and now some economists are expecting that the potential rate hike will be delayed.

Click here to read the story on the MPC minutes from The Daily Telegraph.

Click here for coverage of King's comments from Financial Times.