Market uncertainty prompts 7-1 Bank vote

Global market turbulence will be closely monitored by the Bank of England in its decisions over interest rates, it was revealed yesterday.

Minutes of the meeting of the Bank's monetary policy committee this month reflected uncertainty about whether the recent plunge in share and commodity prices would be sustained.

With the Bank also unsure about the direction of the domestic economy, seven of the eight committee members voted to keep the cost of borrowing at 4.5%, where it has been since last August.

David Walton repeated his vote of last month and backed a quarter-point rise.