UK rate hold move was 'unanimous'

Rates have risen five times since November

The Bank of England voted unanimously to keep interest rates on hold this month, the minutes of its Monetary Policy Committee (MPC) have revealed.

The 9-0 decision to keep rates at 4.75% had been widely expected after a run of weakish data on house prices, personal borrowing and the labour market.

The pace of UK economic growth was "a little slower than envisaged", it said, but it "was too soon to judge".

Interest rates have risen five times since November.

The minutes showed MPC members were worried that more signs of cooling in the housing market may have increased the risk of a more abrupt correction in the market.

However, some members still considered arguments for raising rates again.

Quarterly forecasts

"There are clearly some on the MPC that are reluctant to send the message that interest rates are near their peak," said John Butler, UK economist at HSBC.

"The message is that everything is still to play for."

Economists said November will be an important month as the Bank would be preparing its quarterly forecasts on the UK economy.

Some believe the MPC will increase rates by a quarter point then, to ensure inflation remains within its 2% target.