The Bank of England's Monetary Policy Committee (MPC) voted unanimously to keep bank base rate at its historical low of 0.50% during its meeting two weeks ago.
Whilst the committee agreed to keep interest rates on hold, it was divided as to whether to increase the government's stimulus package, also known as quantitative easing (QE). Minutes from the meeting have shown the committee was 7-2 in favour of buying an additional £50 billion worth of government bonds.
The Bank of England has to date injected a total of £375 billion into the economy in a bid to boost financial growth and encourage public spending.
The Monetary Policy Committee meets each month to decide whether the Bank's interest rate should fall, rise or remain on hold. The Committee consists of nine members, including the governor of the Bank of England, Sir Mervyn King.
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