Fears were expressed that a cut might spread an air of panic and the MPC - unlike the Federal Reserve in the US - gave no indication that a cut was still under consideration.
Better than expected unemployment data illustrated a fall of 3,000 to 3.1 per cent the lowest unemployment figures since 1975 showed the UK economy is holding up well in the face of the uncertain global climate.
The committee was also worried that another rate cut at this point could risk overheating an already steamy housing market and "denting confidence by implying that conditions were worse than the Committee believed them to be.”
The possible reasons for a rate rise, the committee said, were a lower inflation forecast in the Bank's quarterly inflation report, the fragile world recovery, and the risk of continuing deflation in world goods prices.
The minutes also indicated that Mervyn King, who voted for rate hikes in June and July, fell into line this month with his fellow committee members in August.
