Verdict: Five votes to four to recommend a quarter-point increase

Members votes and comments in full:

Sir Alan Budd

Former Chief Economics Adviser to the Treasury and former Bank of England Monetary Policy Committee external member:

The MPC could wait until next month, but since the increase is generally expected, they might as well move now. They can then pause for a while to see whether the slowdown in income growth is followed by a slowdown in consumer spending which will help to reduce inflationary pressures. A further increase to 6 per cent may well prove to be unnecessary.

Recommendation: quarter-point rise

Claudio Costamagna

Former chairman, Goldman Sachs investment banking, Europe, Middle East and Africa

I would increase the rate by 25bp. Given the continued higher than expected inflation rate and the strength of the underlying economic fundamentals an increase would tackle the inflationary pressures with little impact on economic activity.

Recommendation: quarter-point rise

Bronwyn Curtis

Chairwoman, Society of Business Economists

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