The Bank of England's monetary policy committee (MPC) was unanimous in its decision to freeze the interest rate earlier this month.

All nine members of the MPC agreed that it was best to hold off varying the interest rate in the face of a looming credit crisis, as signalled by the collapse of the US subprime mortgage sector.

However, the minutes show the body was unclear how serious the crisis would become, as the MPC said it was "not clear how long these disrupted conditions would last".

Shortly after this, Northern Rock was forced to approach the Bank of England for a crisis loan, in a move that panicked consumers and the banking industry alike.

Despite this, mortgage borrowers and other credit customers may be interested to know that many analysts have seen signs of forthcoming rate cuts in the minutes.

The financial times says the "majority view among economists" is that interest rates "have now peaked", although it adds that cuts are not an "immediate prospect".

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