The Bank of England left its key interest rate unchanged a day after the Federal Reserve rocked markets by signaling fewer cuts in the year ahead, although a third of policy makers favored lower borrowing costs.

The key point

The BOE, confronted with a difficult mix of rapidly rising wages and a sluggish economy, kept rates elevated at 4.75%, holding off for the second time in the last three meetings, and moving more slowly than its peers. However, three of the bank’s nine policymakers voted to lower the key rate to 4.5%, a larger dissent than was expected by investors.