Outvoted King wanted £75bn QE injection

The minutes of the Bank of England's Monetary Policy Committee (MPC) meeting on 6 August reveal King and two other committee members, Tim Besley and David Miles, wanted to extend the quantitative easing programme by £75bn rather than the £50bn which was injected. They believed an increase to a total of £200bn was necessary as there was a risk inflation could stay below the bank's 2% inflation target for a "sustained" period of time. "The potential adverse consequences of adding another large monetary stimulus might be less severe than the possible costs of acting too cautiously." they...