UK Monetary Policy Committee member Martin Weale last night declared "there is appreciably more room for further monetary stimulus", citing an easing of inflationary pressures.

His comments will fuel economists' belief that the Bank of England committee will likely hike its monetary stimulus at the end of its next meeting on July 5.

Mr Weale was one of five MPC members who voted to hold the committee's quantitative easing programme at £325 billion two weeks ago, rather than raise it. The other four members voted unsuccessfully for a rise in QE, which is aimed at stimulating activity by boosting money supply through the purchase of Government and corporate bonds using central bank reserves.

Bank Governor Sir Mervyn King voted for a £50bn rise in QE to £375bn.

Mr Weale's comments last night signal he is amenable to a rise in QE.

In a speech to the University of Surrey, he said: "The easing of inflationary pressures means that there is much less risk of above-target inflation becoming entrenched than had seemed the case only a few months ago. This in turn means there is appreciably more room for further monetary stimulus."

He added: "There is only so much that can be expected of monetary policy and that is especially true in the current international environment of high uncertainty. But it will certainly help."