The Bank of England's monetary policy committee was unanimous in deciding not to change interest rates earlier this month.

In the minutes of the January 12 and 13 meeting, which were released on Wednesday, MPC members decided there had been no "significant news" that required a change in rates.

All nine members subsequently backed the decision to leave rates at 4.75 per cent.

In their review of the domestic and global economic situation, the MPC members noted that while UK growth had been revised up in the third quarter of last year, it was still in line with the projections set out in the last Inflation Report.

"The committee judged that those revisions, which were largely concentrated in 2003, should not make a material difference to the assessment of inflationary pressure," said the minutes.

Continuing concern about the level of government borrowing was briefly hinted at in a passage which said that "government spending remained stronger than expected while investment was weaker".

"Overall, the committee agreed that there had been relatively little news this month," said the minutes.

"Nor was there any evidence to suggest that the main risks identified at the time of the November Inflation Report were materialising – with the possible exception of slightly weaker world activity that had been identified in the December minutes."

Similarly, the MPC decided that had been little change in the outlook for the global economy.

"The US economy continued to progress broadly in line with expectations at the time of the November Inflation Report," read the minutes.

"Euroarea and Japanese growth remained weaker than expected in November.

"Views differed slightly on the prospects for a pickup in euroarea growth in the near term, partly hinging on the extent to which corporate sector investment might drive faster
growth."

After this review of the the economic outlook, and "in the absence of significant news", rates were left on hold for the fifth consecutive month.