The split in votes is the most eye-catching detail at first glance and the pound has taken a bit of a knock on that. And when you put that together with some changes in the language on forward guidance, that makes for a more dovish rate hike this time around by the BOE.

In terms of the dissent, Tenreyro and Dhingra argued that 3% rates are "more than sufficient" to bring inflation back towards the 2% target, in the view that inflation has peaked - as according to the latest projections by the central bank.

As for the language, the BOE omitted the wording that "policy is not on a pre-set path" and the part on any changes to the "scale, pace and timing" to the bank rate will depend on the outlook. In reading that, I would say it just means that they are reaching a point where a slower pace of rate hikes will be needed and a top is coming in soon.