Sterling markets will be closely monitoring the minutes to the last rate-setting meeting at the Bank of England to see if the nine-member panel has started to consider the possibility of cutting interest rates. After its decision earlier this month to leave its key repo rate unchanged at 4.75 pct for the tenth month running, the markets will be keen to see if Andrew Large, the BoE's deputy governor, continues to vote for a rate hike and whether any of the others raised the prospect of lower borrowing costs to help lift economic growth amid concerns about the outlook for consumption. "The real interest is whether any MPC members view the current softness in consumer indicators as a reason to consider cutting interest rates," said HSBC economist John Butler. Philip Shaw, chief UK economist at Investec Securities, thinks the MPC will have discussed all the options, but doubts a reduction is imminent.