Less of a threat to the governor's credibility and more a sign of what is to come, was the conclusion observers drew from Mervyn King being in the minority at the MPC meeting in June.

"Bank Governor's vote lifts prospect of July rate rise", said the Times, a headline echoed in the Telegraph: "Bank rates 'certain' to rise next month". The minutes show that Mr King and three other members argued that there was simply "no compelling reason to wait" before lifting the base