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Pound slides after BoE holds rates

The pound is falling after the Bank of England held interest rates at 0.25 per cent, with two members of the monetary policy committee voting for a hike and six voting to hold rates. Some market-watchers had predicted that other MPC members would join Michael Saunders and Ian McCafferty in voting for a rise.

At pixel time, the pound is down 0.3 per cent against the dollar at $1.3187, having been up 0.3 per cent at $1.3255 before the announcement.

Its earlier rally was prompted by a monthly survey of services from IHS Markit which showed an improved performance, raising hopes the economy has had a solid start to the third quarter.

The pound is also down against the euro, sliding 0.3 per cent to £0.90.

(Chart: Bloomberg)