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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/bank-getting-closer-to-rate-hike.jpg"><img class="alignnone size-full" title="The Bank of England edged closer to lifting interest rates in February" src="http://londonglossy.com/wp-content/uploads/2011/02/min-bank-getting-closer-to-rate-hike.jpg" alt="The Bank of England edged closer to lifting interest rates in February"/></a></p>
<p>The Bank of England edged closer to lifting interest rates earlier this month, minutes of the meeting have revealed, as the number of policymakers who voted in favour of a hike increased again.</p>
<p>Spencer Dale joined fellow monetary policy committee members Andrew Sentance and Martin Weale in voting to lift rates from their historic low of 0.5%, despite a shock decline in the economy in the final three months of 2010.</p>
<p>The details of the meeting suggest the nine-strong committee, which was split three ways as Adam Posen reiterated his stance for a second bout of quantitative easing, was becoming increasingly divided after the inflation rate soared to 4% in January.</p>
<p>The minutes, published a week after governor Mervyn King played down the prospect of lifting rates following the Bank&#8217;s quarterly inflation forecast, revealed that some members who voted for no change in policy thought the case for a rate hike had &#8220;grown in strength&#8221;.</p>
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