All nine members of the Bank of England's Monetary Policy Committee voted in favour of the £75 billion injection of cash into the economy, according to the minutes of its March meeting. The decision was a unanimous one, despite the so-called policy of quantitative easing being untried in the UK. It is hoped the supply of new money to the economy will encourage banks to start lending again and thereby push the UK out of recession towards recovery. The decision to cut interest rates to another all time low of 0.5% was also unanimous. Rates have plummeted 4.5 percentage points in the last six months as the Bank battled in vain to avoid the economic downturn.
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