The Bank of England has kept interest rates on hold at 0.25%, but mounting concern over surging inflation saw one policymaker vote for a hike in the first split decision since last July.

Minutes of the meeting showed the Bank is pencilling in growth of around 0.6% in the first three months of the year, following 0.7% expansion in the previous quarter.

Inflation is predicted to rocket from 1.8% to “materially” above the Bank’s 2% over the summer, peaking at around 2.8%, according to the Bank’s forecasts.