At the latest meeting of the SMPC, seven members voted to raise Bank Rate by 0.25% on 5 July, one wanted the shock therapy of a 0.5% increase, and one member voted to leave rates unchanged, meaning that the 0.25% increase won the day. Six SMPC members had a bias to raise rates further after the July increase. Two of those who wanted a 0.25% increase, together with the one member who wished to hold, had a broadly neutral bias thereafter.
