Andrew Sentance voted to lift rates to 0.75% at the June meeting of the MPC, according to minutes, citing stubborn inflation.

Sentance was outvoted 7-1, however, his stance represents the first public sign of concern within the MPC over the inflation rate, which, at its current 3.4%, is significantly above the 2% target.

Bank of England governor Mervyn King has repeatedly asserted that the spare capacity in the economy will bring inflation back in target, following its surge in the wake of the return of the 17.5% VAT rate in January.

Sentance argued that the persistence of inflation had cast doubts over that theory, although the other members did not consider there to be significant reason to justify raising the interest rate at the present time.