Minutes of this month's meeting of the Bank of England's monetary policy committee (MPC) have revealed that all nine members supported the proposition to slash the base rate by 1.5 per cent.

The publication showed that a larger cut of two per cent was also considered.

However, members were concerned that this might send out the wrong signal about the Bank's attitude to inflation, as the decision predated the quarterly inflation report in which the expectations of a rapid fall in the CPI rate were outlined.

Some members were also keen to keep the option of a further reduction in reserve.

The news that a larger cut was under consideration may increase the prospect that the MPC will trim the rate again soon, leading to cheaper mortgages.

In a statement this morning before the minutes came out, the National Association of Estate Agents called for another lowering of the base rate.