The Bank of England has signalled it may raise interest rates again next month in an attempt to slow strong growth in domestic demand, reports the Financial Times.

Minutes from the latest Monetary Policy Committee (MPC) meeting showed yesterday that 8 of its 9 members voted to raise the Bank's primary interest rate by a quarter-point to 5.75%. Professor Willem Buiter, one of the four outsiders and known for his activist style, was the lone dissenter, favouring an increase of half a percentage point. But in a signal that rates could rise further, the minutes revealed that other members felt extra monetary tightening might be needed.