The Bank of England said it may reconsider the case for cutting interest rates once the impact of the new funding for lending scheme becomes clear.
Minutes from the Monetary Policy Committee's July meeting, which saw the Bank's quantitative easing programme expand by a further £50bn, saw the committee soften its tone on the prospect of cutting the base rate to below 0.5%.
The committee had previously decided a rate cut was less attractive than an extension of the asset purchase programme.
"The impact of the FLS and other policy initiatives might, in time, alter the committee's assessment of the effectiveness of such a rate reduction," the minutes said.
MPC members voted 7-2 to increase the Bank's quantitative easing programme at the July meeting.
According to the minutes of the meeting, held on 4 and 5 July, the committee was split over the decision to increase QE by £50bn to £375bn. Ben Broadbent and Spencer Dale were the two members who opposed the increase.
The committee was unanimous on its decision to hold the bank rate, and agreed the additional asset purchases should take place over four months.
"All members expected the recently announced policy initiatives to boost the supply of credit and provide a fillip to economic activity. Most members felt that the case for adding to this by undertaking further purchases of gilts, financed by the issuance of central bank reserves, at this meeting was nevertheless compelling and stronger than at the previous meeting," the minutes read.
"For them, while there were risks to medium-term inflation in both directions, developments since the previous meeting meant that the
upside risks had declined and the possible cost of erring on the side of providing a greater stimulus was less than that of providing too little.
"On balance, and in light of the potential stimulus provided by the other recent and prospective policy initiatives, these members judged that an additional £50bn of asset purchases was appropriate at this meeting in order to balance the risks to inflation around the 2% target in the medium term."
Last month MPC members overruled Bank governor Mervyn King by voting five to four to maintain the quantitative easing programme at £325bn.
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