The Bank of England held interest rates at a 38-year low earlier this month because of uncertainty about the pace of economic recovery.
The bank's monetary policy committee resisted pressure to act on the booming house market and voted 7-to-1 in favour of keeping the cost of borrowing at four per cent.
Only deputy governor Mervyn King voted in favour of a rate increase.
He argued a rise would provide a signal to consumers and reduce the extent to which the interest rate might ultimately need to be adjusted.
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