The Bank of England's nine-member Monetary Policy Committee (MPC) was split three ways over the direction of monetary policy at their November meeting, according to minutes of the gathering.
Seven members of the MPC, chaired by Bank governor Meryn King, voted to hold the key lending rate unchanged at a record low 0.5% and to maintain the central bank's asset purchase program at £200bn.
MPC member Adam Posen dissented to call for a further £50bn of quantitative easing, while Andrew Sentance again called for a quarter-point hike in the key lending rate to 0.75%.
Some Committee members were concerned the risk to inflation expectations was greater than previously thought, as strong demand growth in emerging market economies could cause commodity prices to rise further.
But the MPC voiced significant concern about downside risks, particularly around private sector demand.
It said there was a risk of weak demand, leading to lower employment and a fall in inflation "materially below" the 2% target in the medium term.
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