The Monetary Policy Committee has held rates at a record low of 0.5pc since March 2009 in response to the deepest recession since the Second World War.
Minutes of the BoE’s August 4-5 meeting showed Mr Sentance wanted a 25 basis point rate rise.
However, the rest of the Committee thought it would be best to keep interest rates on hold and maintain the central bank’s £200bn asset purchase scheme because of significant risks on both sides of the inflation outlook.
“Members stood ready to respond in either direction as the balance of risks evolved,” according to the minutes.
Mr Sentance believes the recovery is already gathering momentum and there was a risk that inflation expectations could become de-anchored.
A record increase in food prices has kept inflation above 3pc and sparked warnings that the cost of living will keep rising.
The policymakers also considered the case for both easing and tightening policy.
Although, Vicky Redwood, UK economist at Capital Economics, said this showed the MPC “is still in wait and see mode, with most members unconvinced by the case either to tighten or loosen policy”.
The minutes are likely to reinforce expectations that interest rates will remain on hold well into next year.
Andrew Goodwin, senior economic adviser to the Ernst & Young ITEM Club, said: “Assuming that the government tightens fiscal policy as planned, we expect the bank rate to remain at 0.5pc for several years to come.”
Once again the MPC debated the possibility of further asset purchases – or quantitative easing.
Mr Goodwin said: “This looks like more of an attempt to present a balanced argument and avoid giving the impression of a bias to tighten, rather than a message that the Committee is moving in that direction.”
He expected more asset purchases are only likely “if there are clear signs that the recovery is relapsing”.
While the economy has started to grow again, most analysts anticipate a slow and difficult recovery following the Coalition’s austerity Budget.
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