Minutes of the Monetary Policy Committee Meeting held on 4 and 5 November 2009

The MPC at its meeting voted to maintain Bank Rate at 0.5%. The Committee also voted to increase the stock of purchased assets financed by the issuance of central bank reserves by £25 billion to £200 billion.

Published on 18 November 2009

The Governor invited the Committee to vote on the proposition that:

Bank Rate should be maintained at 0.5%;
The Bank of England should finance a further £25 billion of asset purchases by the creation of central bank reserves, implying a total quantity of £200 billion of such asset purchases.The Bank should seek to complete the additional purchases within the next three months.

Seven members of the Committee (the Governor, Charles Bean, Paul Tucker, Kate Barker, Paul Fisher, Adam Posen and Andrew Sentance) voted in favour of the proposition. Two members of the Committee voted against the proposition. David Miles preferred to increase the size of the asset purchase programme by £40 billion to a total of £215 billion. Spencer Dale preferred to leave the size of the asset purchase programme unchanged at a total of £175 billion.

Minutes of the meeting