David Blanchflower was the only Committee member to call for rates to be dropped below 5.5 per cent.
He said that the worsening of UK-weighted global demand, particularly in America, had increased the risk of slowdown activity.
Blanchflower said that this, coupled with other influential factors such as the behaviour of UK wage earners, warranted a cut in January.
The worsening of the short-term inflationary rate was enough for the other eight members of the Committee to outvote him and opt to put rates on ice.
The MPC also said that it didn't want two consecutive cuts to lead people into thinking that it was more focused on stabilising demand than it was on meeting its long-term inflation target.
The majority of the industry is now tipping the MPC to act in February and reduce rates to 5.25 per cent.
