3 It has been revealed that the Bank of Englands MPC voted overwhelmingly for an interest rate hike earlier this month, after the members voted six-to-one in favour of a 0.25% rate rise.

Minutes of the meeting published this week said: "The question was whether an immediate increase was justified or whether there was a case for delay.

"Although most commentators were not expecting an increase at this meeting, such an increase would not be hard to explain."