MPC unanimous on base rate cut

The minutes of this month's meeting, published this morning, revealed all members saw the cut as 'appropriate'. The minutes also revealed a lengthy discussion on the exact size of the Bank of England's asset purchase scheme. Some members highlighted that such a programme should be on the small side, as there was a high degree of uncertainty over the precise impacts on nominal spending and inflation of these operations. However, others took the opposite view, arguing the costs of doing too little at the start were greater than the costs of doing too much. The eventual proposition to purc...