Andrew Sentance voted against the rest of the Monetary Policy Committee (MPC) for a rise in interest rates for the third consecutive month, minutes from the August meeting show.
Sentance wants an immediate 0.25% rise in benchmark UK interest rates from 0.5% to 0.75%. He also proposed withdrawing some of the Bank's stimulus, as the economy begins to show signs of recovery.
"For one member, the balance of risks was such that it was appropriate to start to withdraw some of the exceptional monetary stimulus provided by easing the policy in late 2008 and 2009," the minutes state. "Economic conditions had improved over the past 12 months and the inflation outlook had shifted sufficiently to justify beginning to raise rates gradually."
Sentance also pointed to other second quarter data suggesting recovery, such as firms' ability to pass on price increases as demand improves, and a stronger manufacturing sector, benefitting from global growth.
However, the other members argued the interest rate and the stock of asset purchases was appropriate to balance the risks to the inflation outlook in the medium term. They voted to maintain quantitative easing at £200bn and keep the base rate at 0.5%, where it has been for 18 consecutive months.
Sentance has been voting for the rate increase since June, putting pressure on the other members of the MPC.
The release of the eight to one split sent the pound higher. with sterling up 0.1% against the dollar and 0.16% against the euro.
Jeremy Cook, chief economist at World First, says: "The language and tone of the MPC minutes suggests the committee is becoming more and more comfortable with the idea rates will have to rise soon as inflation expectations increase.
"An increase of 25bps or 50bps would still leave policy in the ‘expansionary' category but I still believe that we will not see rises before Christmas."
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