Firstrung: Interest rate rise could be on for February

However, several of the five members who voted in favour of holding rates had a bias in favour of raising rates later in the year. There was also a feeling amongst those who wished to raise rates that there may be a need for monetary policy to tighten even further in the near future. Andrew Lilico of Europe Economics summarised that view saying: "there is a reasonable probability that inflation has peaked but if it goes any higher then there would be a serious breach of credibility." He continued: "Rates should rise by ¼% now but rates should rise further if there is another rise in inflation."