The MPC decided to cut interest rates by 0.5 percentage points at its December meeting, bringing to 1.25% the amount by which official interest rates have been reduced over the last three months.

Again however, member Willem Buiter was looking for a bigger cut of 0.75%, while a minority supported a smaller quarter percentage-point cut.

Voting U-turn

Willem Buiter: Wants sharper rate cuts

The voting was revealed in the release of minutes of the MPC's December meeting and underlines the sharp turnaround in thinking among its members in recent months.

Chaired by Bank of England governor Eddie George, the MPC said the "unexpected weakness in consumption" in the economy was "a major concern".

The sharp slowdown in the UK economy hastened by global market turmoil and economic crisis in emerging markets has seen a tight monetary policy earlier this year quickly lead to a much looser interest rate policy.

Low consumer confidence

Consumer spending, one of the engines for growth in the economy, has been disappointing in the run-up to Christmas, with sales down on last year.

UK interest rates, now at 6.25%, still remain significantly higher than elsewhere in Europe where countries joining the euro on 1 January, except Italy, cut their rates to 3% this month.

The MPC said the prospects for the world's economy had weakened over the month, with business confidence declining across the major industrial nations and commodity prices, particularly oil, falling further.