By Marcus Leach

The Bank of England's Monetary Policy Committee (MPC) minutes have shown that policymakers have voted six to three in favour of keeping rates on hold for this month.

Interest rates in the UK have been at a record low of 0.5% for two years now, and Hawks Spencer Dale, Martin Weale and Andrew Sentance were unable to win over fellow members to change this.

With the Consumer Prices Index (CPI) up to 4.4% in February there had been widespread calls for a rise in the interest rates.

Releasing the minutes of its meeting, the Bank said there was a "significant risk" inflation could exceed 5% in the coming months.

But, keeping rates on hold, the Bank said there had been no major change in the medium-term outlook.

Mr Dale and Mr Weale both voted for a 0.75% rise, with Mr Sentance again calling for a 1% rise. However, with six votes against any rise the rate remains at 0.5%.

"Other members concluded that an increase in Bank Rate was not yet appropriate," the Bank said.