Leading economists have questioned whether this months 0.5% drop in interest rates was a cut too far.
Concerns that the Bank of England has overestimated the threat of recession appear to be justified by the Bank's own deputy governor, Mervyn King, who rates the UK's chances of recession at only one in 10.
The minutes of the MPC meetings in August, September and October reveal just how fine a line the committee treads between boosting confidence and stifling inflation.
At the emergency meeting called after 11 September, two of the MPC's eight members called voted for a 50-basis point reduction, arguing that the 25 points eventually passed on were “overly cautious” and ran the risk of adversely affecting confidence.
In October, however, MPC members concluded that a 50-basis point cut could “damage rather than sustain” business confidence. They voted for a 25-point reduction on 4 October.
The minutes of the MPC's November deliberations will be published this week. House prices indices, manufacturing output, employment and reports by regional agents are among the factors that influence the committee's decision.