A shadow monetary policy committee has voted 8-1 for the Bank of England to keep interest rates on hold at 5.75 pct when it meets later this week, saying the recent turbulence in financial markets has suspended the case for a rise. However the group, made up of economists from academia and the financial sector, were divided in their view for what the BoE's stance should be going forward. Five members had a bias for the next change in interest rates to be higher, one took a neutral stance, two opted for the next move to be downwards while one member - Patrick Minford from Cardiff Business school - said rates should be cut this week. All members agreed that the turmoil which has hit credit markets and the drop in CPI inflation during July to 1.9 pct, mean the background against which the BoE is setting rates this month is significantly different to what it was in August. However they were divided as to whether the shake-up in the credit markets and previous rate rises means enough has been done in the medium term to bring CPI inflation back to the bank's 2.0 pct target, or whether more tightening is needed.