The Monetary Policy Committee (MPC) are split 6-3 against a rate rise for the second month, with opinion divided on how to tackle soaring inflation without snuffing out growth.
Spencer Dale and Martin Weale repeated their calls to immediately increase the Bank Rate by 25 basis points. Andrew Sentance again argued for a 0.5% rise, according to the meeting minutes published today.
Governor Mervyn King, deputy Paul Tucker and four other members voted to hold rates at their historic low of 0.5%.
Meanwhile, eight members of the MPC again opted to maintain QE at £200bn, with Adam Posen calling for it to be increased by a further £50bn.
The continued division within the MPC over how best to curb rising inflation - which jumped a further 0.4% to 4.4% in February - while encourgaing growth comes ahead of the Budget later today.
A rate rise would dampen inflation but could also derail growth.
Governor Mervyn King says soaring oil prices are to blame for the jump in the cost of living, and argues a rate rise would have no effect on this and other external factors, the minutes note.
Chancellor George Osborne will today seek to reassure the country Britain is fully on the path to a sustainable recovery in what is being dubbed his 'Budget for Growth'.
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