Bank of England increases QE by £50bn

Thursday, 5th July, 2012

The Bank of England’s monetary policy committee has voted to increase the size of its programme of quantitative easing by £50bn bringing the total to £325bn. The minutes from last month’s MPC meeting shows BoE governor Mervyn King voted to increase the QE programme by £50bn to £375bn. The minutes of today’s meeting will be published later this month. King was joined in calling for the £50bn increase by fellow MPC members Adam Posen and David Miles. Committee member Paul Fisher voted for a £25bn increase to the programme. The MPC decided to hold base rate at a record-low 0.50%, where it has been since March 2009.