The Bank of England has moved to quash rumours of a further rise in interest rates later this year by publishing the minutes of the latest meeting of the Monetary Policy Committee (MPC).

Many finance experts had expected the MPC to raise interest rates later this year, but were surprised by its decision to raise rates so early.

The MPC's decision was followed by a report which stated that inflation would rise still further this year, leading many economists to predict a further rate rise later this year.

However, the Bank of England has moved to end speculation of a further hike in interest rates by publishing the minutes of the MPC's meeting earlier this month.

The minutes suggest that the MPC raised interest rates prematurely to pre-empt inflation, meaning they would not have to raise rates again later this year.

Furthermore, the Bank of England said that it believes the insecurities that resulted in the rise in interest rates will not be resolved until next year at the earliest.

The minutes note: "Most of the risks identified in the August forecast would take some considerable time to resolve.

"For example, the uncertainties about the margin of spare capacity in firms, or pricing dynamics as energy and import price inflation abated, would not become clear until 2007 or beyond.

"It was unlikely that the medium-term outlook for inflation would become any clearer in the next few months."

The minutes also show that MPC's decision was not unanimous, with six of its seven members voting to raise interest rates, while David Blanchflower called to maintain them at 4.5 per cent.