The minutes of the Bank of England's monetary policy committee (MPC) meeting for November have been published, prompting speculation that further interest rate cuts could be on the way.
It was revealed that all nine members of the body supported the 1.5 per cent base rate reduction, while an even greater cut was considered.
However, the committee agreed that it could not make a two per cent cut before its inflation report - published last week - could explain the reasoning.
The minutes reveal that the MPC members were concerned that a very sudden large cut would cause too much of a shock, which suggests that they could be considering further reductions in December.
And this could lead to lower rates for consumers looking for secured as well as unsecured loans.
This week the consumer prices index confirmed the Bank's belief that inflation is slowing, as it fell from 5.2 per cent in September to 4.5 per cent last month.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.