All nine members of the Bank of England's Monetary Policy Committee called for lower interest rates this month with arch-dove David Blanchflower voting for a precautionary half-point cut.
Minutes of the February 6 and 7th MPC meeting when rates were cut by a quarter point to 5.25 per cent showed most policymakers were concerned that tighter credit conditions meant interest rates were still restrictive.
"Interest rates were probably still bearing down on demand partly because of higher market spreads meant that the level of Bank Rate consistent with any given monetary stance was lower than it had been before spreads had widened," the minutes said.
Analysts had predicted a 9-0 vote in favour of a 25 basis point cut but there was little in the minutes to suggest that the BoE was about to embark on an aggressive rate-cutting campaign.
Most economists expect another cut by the end of June.
"The Committee needed to balance the risk that a sharp slowing in activity would pull inflation below the target in the medium-term against the risk that elevated inflation expectations would keep inflation above target," the minutes said.
Analysts were not surprised by Blanchflower's stance and said the minutes showed the central bank may not cut rates as quickly or as far as markets are expecting.