Interest rate could drop to just 1 per cent

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Its monetary policy committee cut interest rates by 0.5 per cent a fortnight ago to 1.5 per cent, the lowest level in the bank's history.

One member of the nine had wanted a full percentage point cut. A fifth successive drop is now likely. Interest rates have already been cut by three and a half percentage points since October.

Howard Archer, chief UK economist at IHS Global Insight, said the committee minutes did little to dilute expectations that rates would reach a record low of one per cent next month.

"They portray a generally very downbeat view of the UK economy," he said.

Mr Archer forecast interest rates would fall to a low of 0.25-0.5 per cent by the summer, with a zero rate "far from inconceivable".

The committee decided a cut was needed because of the risk of the downturn deepening.