The Bank of England’s monetary policy committee has voted to increase the size of its programme of quantitative easing by £50bn bringing the total to £375bn.
The minutes from last month’s MPC meeting shows BoE governor Mervyn King voted to increase the QE programme by £50bn to £375bn but was voted down after five of the nine members called for QE to remain at £325bn. The minutes of today’s meeting will be published later this month.
King was joined in calling for the £50bn increase by fellow MPC members Adam Posen and David Miles. Committee member Paul Fisher voted for a £25bn increase to the programme.
The MPC decided to hold base rate at a record-low 0.5 per cent, where it has been since March 2009.