Interest rates could rise if the economy and inflation grow in line with forecasts, it was claimed last night.
An increase in rates from 4.75 per cent "might be warranted in due course" if the economy evolves in line with the Bank of England's central projections, according to the minutes of this month's meeting of the Bank's monetary policy committee (MPC).
Eight of the MPC's nine members voted in favour of keeping rates on hold, the minutes said.
They attributed their decision to uncertainty over consumer spending, saying data from Christmas was difficult to interpret and further information was needed.
However, one member of the MPC, Paul Tucker, voted for a 0.25 per cent rise to five per cent.
He said growth in gross domestic product seemed to have recovered and the Stock Market and credit and housing markets had been stronger than expected
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