Bank of England governor Sir Mervyn King led a minority of monetary policy committee members in voting for another round of quantitative easing at its February meeting.
The minutes from the meeting, published today, show King was joined by Paul Fisher and David Miles in voting to raise the QE programme to £400bn from £375bn, but they were outvoted nine to three.
The minutes state: “There was a range of views on the committee about the marginal impact of a further round of asset purchases at the current juncture, but members agreed that asset purchases remained an effective tool for lowering a range of market interest rates, supporting asset prices.
“The continuing process of portfolio rebalancing should help to support spending and nominal demand, although the precise extent to which it would do so was uncertain.”
All members agreed to continue with the current round of QE, the effects of which are still feeding through to the economy.
The MPC also considered purchasing assets other than gilts and changing the marginal rate of remuneration banks pay the reserves at the Bank of England.
It decided against more radical moves but pledged to continue consideration of all policy measures available.
The MPC agreed that the Funding for Lending scheme is working as planned, but decided it is still too early to judge its success.