MPC split on QE
•Bank Rate should be maintained at 0.5%; •The Bank of England should maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.
Regarding Bank Rate, the Committee voted unanimously in favour of the proposition.
Regarding the stock of asset purchases, six members of the Committee (Charles Bean, Paul Tucker, Ben Broadbent, Spencer Dale, Ian McCafferty and Martin Weale) voted in favour of the proposition. Three members of the Committee (the Governor, Paul Fisher and David Miles) voted against the proposition, preferring to increase the size of the asset purchase programme by a further £25 billion to a total of £400 billion.
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