By Marcus Leach

The Bank of England's Monetary Policy Committee (MPC) has voted in favour of maintaining the interest rate at 0.5%.

The MPC voted seven to two in favour of keeping the rates at the same level, with Spencer Dale and Martin Weale voting to raise rates to 0.75%.

Minutes from its July meeting showed the MPC thought there was a reduced chance of a rate rise in the short term, given recent economic weakness.

Adam Posen again voted to increase the Bank's quantitative easing programme by £50 billion to a total of £250 billion.

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