The Bank of England just released its latest decision and minutes, from the September meeting of the Monetary Policy Committee (MPC).

They voted once again to hold interest rates, with only one policymaker voting for a hike. Resident hawk Ian McCafferty voted for a 0.25 percentage point increase.

Bank rate is currently at 0.5%, a record low that it’s been at since Spring 2009.

Analysts were mostly expecting another 8-1 vote in favour of holding rates, like the one seen last month. Some thought it might break 7-2.

Some also thought that there might be a wild card in the form of a vote to cut rates by Andy Haldane, the Bank’s independent-minded chief economist. While‎ everyone else has been gearing up for a rate hike Haldane has been expressing concerns about the disinflation and deflation recorded around the world.

The MPC meeting minutes show what was discussed during the meeting. That included China’s astonishing market turmoil, but the MPC judged generally that there’s “solid domestic demand and a subdued external environment.”

The Bank has been running hot and cold over the prospect of a rate hike, ‎which markets expect will come some months after the US Federal Reserve’s first increase.

Sterling surged against the dollar as the decision was announced:

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