A majority of the Bank of England’s monetary policy committee considered raising interest rates at their June meeting, increasing the possibility of a rate rise as early as next week, it emerged on Thursday at a parliamentary hearing.

Giving evidence to the treasury committee, all members of the rate-setting MPC present at the hearing said they had “considered” raising rates earlier this month. Their statements contrasted with the minutes of the June meeting, which reported that “most” MPC members were more worried about inflation risks, but only “some” had considered an immediate rise might be warranted.