Minutes of the Monetary Policy Committee Meeting held on 8 and 9 February 2012

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 £50 billion to £325 billion.
Published on 22 February 2012

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

  • Bank Rate should be maintained at 0.5%;
  • The Bank of England should finance a further £50 billion of asset purchases by the issuance of central bank reserves, implying a total quantity of £325 billion of such asset purchases.

Regarding Bank Rate, the Committee voted unanimously in favour of the proposition.

Regarding the stock of asset purchases, seven members of the Committee (the Governor, Charles Bean, Paul Tucker, Ben Broadbent, Spencer Dale, Paul Fisher and Martin Weale) voted in favour of the proposition. Two members of the Committee (David Miles and Adam Posen) voted against, preferring to increase the size of the asset purchase programme by £75 billion to a total of £350 billion.

PDF Minutes of the meeting 

 

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