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MPC voted unanimously to keep base rate at 0.50%

MPC voted unanimously to keep base rate at 0.50%

Category: Economy

Updated: 19/09/2012
First Published: 19/09/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Minutes from the Monetary Policy Committee's (MPC) meeting earlier this month have revealed the panel voted unanimously for base rate to remain on hold at 0.50%.

The MPC also agreed that it would continue with its quantitative easing (QE) programme intended to boost the UK economy.

The four-month stimulus programme of £50 billion, agreed in July, will run until November, when many economists believe the current QE amount will rise to £425 billion.

Two of the committee's members, Ben Broadbent and Spencer Dale, expressed concerns as to whether more QE would actually benefit the economy, whilst a former advocate of QE, David Miles stated that he had reservations as to whether more money should be injected into the economy in November.

The MPC's notes stated: "Some of these members felt that additional stimulus was more likely than not to be needed in due course, while others saw the risks to inflation in the medium term as being more balanced around the target."

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