Minutes of the Monetary Policy Committee Meeting held on 3 and 4 December 2014

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 £375 billion.
Published on 17 December 2014

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 purchased assets financed by the issuance of central bank reserves at £375 billion.

Regarding Bank Rate, seven members of the Committee (the Governor, Ben Broadbent, Jon Cunliffe, Nemat Shafik, Kristin Forbes, Andrew Haldane and David Miles) voted in favour of the proposition. Ian McCafferty and Martin Weale voted against the proposition, preferring to increase Bank Rate by 25 basis points.

Regarding the stock of purchased assets, the Committee voted unanimously in favour of the proposition. 

Prior to its policy meeting, the MPC had been consulted ahead of the decisions by the Bank and HM Treasury to extend access to the Funding for Lending Scheme (FLS) until early 2016 and to focus the incentives in the scheme towards supporting lending to small and medium-sized enterprises. The MPC had concluded that these changes would have no material impact on the stance of monetary policy.

PDFMinutes of the meeting

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