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 in the coming months have increased after two members of the Bank of England's key policy body voted for cheaper borrowing in response to a growth downgrade prompted by Brexit and a burgeoning trade war.

In the first split vote on Threadneedle Street's monetary policy committee (MPC) since June 2018, the Bank voted by 7-2 to keep official interest rates on hold at 0.75%, but two of the outside experts the government appointed to the committee, Jonathan Haskel 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