On the other hand, however, there is a risk that the degree of spare capacity would be eliminated faster than expected.
"That would potentially result in inflation rising to, and subsequently overshooting, the 2 percent target. Individual members ascribed materially different probabilities to these risks," the minutes added.
The MPC meeting minutes are closely watched by investors for hints as to when the central bank might increase interest rates in the U.K. Economists have pushed back their rate hike expectations over recent months, to the end of 2015 rather than the beginning, following weaker-than-expected growth and inflation figures.
Howard Archer, chief U.K. economist at IHS Global Insight, said the minutes of November's MPC meeting were not quite as dovish as expected, however. He flagged that the MPC had acknowledged that any spare capacity in the economy could be used up more quickly than assumed.
"While the November MPC minutes are unlikely to hugely dilute increased expectations that the Bank of England will not be raising interest rates before late-2015, they suggest that a move around August is still possible," Archer said in a note.