Interest rates currently stand at 0.5 per cent, a figure that has remained in place since March 2009 but the minutes of last month's meeting indicated this could change.
The minutes stated that: "The Committee had considered the case for a reduction in the bank rate below 0.5 per cent and had judged that such a policy continued to have drawbacks that made it less attractive than an extension of the asset purchase programme."
Economists have since forecast this month could see rates reduced further to 0.25 per cent.

During a visit to the UK in May, Christine Lagarde, managing director of the International Monetary Fund, urged Chancellor George Osborne to cut rates in pull Britain out of the recession.
The asset purchase programme stands at £375bn after a £50bn addition in July which will take four months to complete. The Committee had considered adding £75bn but felt the newly-announced Funding for Lending scheme would create additional stimulus.
August's meeting is likely to be the last for member Dr Adam Posen who leaves after three years. His new role will be as a director at the Peterson Institute, an American economic research institute.
The American academic is being replaced by chief economist of the Confederation of British Industry Ian McCafferty.