The Bank of England's Monetary Policy Committee voted 6-1 for raising interest rates earlier this month, with new member David Blanchflower voting against because of concerns over the labour market.
Minutes of the August 2nd and 3rd meeting published this morning showed all MPC members were agreed that higher interest rates were needed to bring inflation on course to hit the 2 per cent target two years out.
"The question was whether an immediate increase was justified or whether there was a case for delay," the minutes said.
The MPC noted that there were considerable uncertainties surrounding its forecasts such as the degree of slack in the economy which were unlikely to be resolved in the next few months.
Most members, however, thought a rate rise now could easily be reversed if economic conditions warranted while an early increase would reduce the risk that a sharper move would be needed later.
There was little in the minutes to suggest that policymakers were gunning for another rise imminently.