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The Monetary Policy Committee (MPC) also voted not to inject any more money into the economy through its quantitative easing (QE) programme. Minutes released later in the month will show whether there was a split in opinion amongst the members of the committee.

Two MPC members voted to increase rates last month. There was also one vote to increase the QE programme. "UK businesses support the decision by the MPC to leave interest rates and the quantitative easing programme unchanged," David Kern, chief economist at the British Chambers of Commerce, commented.