Interest Rate Rise Some 'Time Away' 

Due to the slow or non-existent growth in the UK economy, it has been revealed that the MPC are more concerned about the economy and less about inflation in the coming months; good news for variable rate mortgage holders. 

In the minutes released, they revealed that slow growth is the major concern with members; much more so than the fear that inflation is now out of control. Most said that the weaknessess in consumer spending were likely to last longer than previously thought.

Though inflation may hit 5%, the view of the MPC is there is little sign of this leading to higher wage deals, something that would signal spiraling inflation.

IHS Global Insight economist, Howard Archer said: 'A key development is that the hawks have lost ground within the MPC with new member Ben Broadbent joining the "no change in interest rate" ranks and boosting their membership to 7 from 6.

'Furthermore, the possibility of renewed Quantitative Easing seems to be gaining traction.'