Two members of the Bank of England's Monetary Policy Committee opposed this month's decision to leave interest rates steady, preferring an immediate quarter-point increase.
Minutes of the February 7-8th meeting published today showed two members felt the 75 basis points worth of rate rises since August was "modest relative to the rise in inflation and the prospective robust outlook for demand."
But they were outgunned by the rest of the nine-strong MPC who thought a closely spaced series of rates hike might lead to excessive tightening.
"There was time to observe the impact of past decisions and to see whether any of the upside or downside risks were crystallising," the minutes said. Analysts in a poll last week had predicted the 7-2 vote and the minutes will likely reinforce market expectations that interest rates still have further to rise.