The Bank of England’s Monetary Policy Committee (MPC) minutes were released this morning and showed that its members voted 6 to 3 against increasing quantitative easing (QE). The current level of the Asset Purchase Facility (AFP) setup in January 2009, is £375bn, with Governor King and two other voting for an increase of £25bn to a total of £400bn of QE. Following the release of the minutes, Sterling rallied as no other members had voted for an increase of QE from its current level.
As expected the interest rate was left unchanged at 0.5%.
The full Bank of England minutes release PDF link can be found here.