The Bank of England has hinted that a rise in interest rates could come soon.

Publishing the minutes of their latest meeting on Wednesday, the Bank's Monetary Policy Committee alluded to a likely future increase.

The minutes revealed that this month's decision to hold the cost of borrowing at 3.5 per cent was a unanimous decision among the MPC's nine members.

But the notes also showed some members thought "an increase in rates might soon become necessary".

With manufacturing showing small signs of recovery, the MPC members were concerned about fuelling consumer spending with record low rates and alarming levels of household debt.

Economists predicted the minutes signalled a rate a rate hike "by New Year".

"It's clear that some members on the committee seriously mulled the idea of voting for a rate increase," Philip Shaw, chief economist at Investec, told the BBC.

Adam Cole of Credit Agricole added: "Unless there are clear signs of renewed weakness in global activity, a rate hike can only be a month or two away.

"The hawks could form a majority by early next year."

Earlier on Wednesday the FT newspaper reported one MPC member saying that rates will also be pushed up by Gordon Brown's changes to the measurement of inflation.

Stephen Nickell said the chancellor's changes will increase interest levels by 0.3 per cent.

As inflation would be higher in the long run, nominal rates would also have to be higher, he argued.