The Governor invited the Committee to vote on the propositions that:
- 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 £200 billion.
Regarding Bank Rate, seven members of the Committee (the Governor, Charles Bean, Paul Tucker, Ben Broadbent, Paul Fisher, David Miles and Adam Posen) voted in favour of the proposition. Spencer Dale and Martin Weale voted against the proposition, preferring to increase Bank Rate by 25 basis points.
Regarding the stock of asset purchases, eight members of the Committee (the Governor, Charles Bean, Paul Tucker, Ben Broadbent, Spencer Dale, Paul Fisher, David Miles and Martin Weale) voted in favour of the proposition. Adam Posen voted against the proposition, preferring to increase the size of the asset purchase programme by £50 billion to a total of £250 billion.
Minutes of the meeting