For the first time since September 2000, a member of the Bank of England Monetary Policy Committee voted to raise interest rates.

The dissenting voice of Deputy Governor Mervyn King was the only vote in that direction among the committee members, with all the others agreeing that the appropriate course of action was to leave rates unchanged.

However, the vote is somewhat symbolic of a shift in the views of the committee, who until this week were expected to raise interest rates at their next meeting. Surprisingly benign inflation figures may have put paid to that idea for the time being, but the minutes of this month's meeting show that concern is growing about the strength of domestic demand.

Although doubts about the global recovery held some members of the committee back from voting for an increase, the falling value of the pound and the medium term prospects for low inflation did apparently tempt them with the idea.

The minutes state: "The Committee agreed that these arguments were finely balanced. Most members felt that, given the outlook for inflation . . . it was not yet necessary to increase interest rates. Some delay would give the Committee more information on the strength of the economy.''

The June meeting was the first for Paul Tucker, who replaced Ian Plenderleith when he retired from the MPC last month. Former Royal Bank of Scotland economist Marian Bell, another newcomer on the MPC was unable to attend the June meeting and will make her first appearance in July.