Minutes of the Monetary Policy Committee Meeting held on 4 and 5 July 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 £375 billion.

Published on 18 July 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 £375 billion of such 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, Paul Fisher, David Miles, Adam Posen and Martin Weale) voted in favour of the proposition. Spencer Dale and Ben Broadbent preferred to maintain the stock of asset purchases, financed by the issuance of central bank reserves, at £325 billion.

Minutes of the meeting