A cut in UK interest rates appeared closer on Wednesday after it emerged that Sir John Gieve, one of the Bank of England’s deputy governors, had voted for an immediate reduction at the November Monetary Policy Committee meeting, the first time he had voted in favour of lower rates.

The nine-member MPC divided 7-2 in favour of holding interest rates at 5.75 per cent with Sir John joining David Blanchflower, who had already been in favour of looser monetary policy at the previous meeting in October.