Bank of England vote raises chances of interest rate cut

Two outside experts on MPC say weakness of UK economy warrants immediate reduction

The chances of a cut in interest rates have increased after two members of the Bank of England's key policy body responded to a growth downgrade - inspired by Brexit and a trade war - by voting for cheaper borrowing.

In the first split vote on Threadneedle Street's monetary policy committee (MPC) since June 2018, the Bank voted 7-2 to keep official interest rates on hold at 0.75%. But two of the outside experts appointed to the committee by the government, Jonathan Haskell and Michael Saunders, said the weakness of the economy warranted an immediate reduction.

Related: Bank of England in surprise split over interest rates - business live