Suggestions that the Bank of England's decision not to cut official interest rates earlier this month had been a close-run thing have proved wide of the mark.
Minutes of the meeting of the Bank's Monetary Policy Committee on February 8 and 9 show that for a third month running Stephen Nickell was alone in voting for a quarter-point cut to lower the Bank's repo rate to 4.25 per cent.
There had been suggestions that Kate Barker, once chief economist at the CBI, might have joined him, possibly along with the committee's newcomer David Walton.
In the event, the eight committee members other than Mr Nickell were swayed by evidence that the slowdown in the growth in consumption during early 2005 had seem-ingly abated, while house prices had been more buoyant than expected at the time of the Bank's November Inflation Report.
Looking further ahead, the minutes note that the committee agreed there was also uncertainty about whether after-tax incomes would pick up as quickly as expected and whether households would seek to improve their finances by saving more - and therefore spending less - so strengthening the case for cheaper money.
Most committee members, though, thought that the most likely scenario was for a gradual quickening of economic growth, though with risks that it might disappoint.
The minutes also recorded "some concern that a reduction in interest rates at this stage would provide further support to the housing market
and consumption when (gross domestic product) growth is already strengthening, and that would increase the probability of inflation rising above the (two per cent) target in the medium term".
Generally the committee agreed that "inflation expectations appear to be well anchored" - that is, wage bargainers in particular accept that the committee is likely to go on holding inflation in check, so refrain from pressing for big, pre-emptive pay increases.
Mr Nickell again differed.
Economic growth, he argued, had fallen below its long-term trend for much of the past 18 months, unemployment was rising and spare capacity was emerging. He doubted if this would diminish, as the Bank's central projection assumed, and expected inflation to drop below the target as last year's leap in energy prices fell out of the 12-month reckoning. When it came to the vote he was again outnumbered eight to one.