Minutes of the Monetary Policy Committee Meeting held on 6 and 7 June 2012

The MPC at its meeting voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £325 billion.
Published on 20 June 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 maintain the stock of asset purchases financed by the issuance of central bank reserves at £325 billion.

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

Regarding the stock of asset purchases, five members of the Committee (Charles Bean, Paul Tucker, Ben Broadbent, Spencer Dale and Martin Weale) voted in favour of the proposition. Four members of the Committee voted against the proposition. The Governor, David Miles and Adam Posen preferred to increase the size of the asset purchase programme by £50 billion to a total of £375 billion. Paul Fisher preferred to increase the size of the asset purchase programme by £25 billion to a total of £350 billion.

PDF Minutes of the meeting 

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