The Bank of England's Monetary Policy Committee (MPC) was divided over its quantitative easing (QE) programme earlier this month, with two members calling for the asset purchase programme to be increased by £75bn.
According to the minutes of the last meeting in early February, when the MPC opted to expand QE by £50bn to £325bn, David Miles and Adam Posen broke ranks and called for even more stimulus. "Two members of the Committee voted against, preferring to increase the size of the asset purchase programme by £75bn to a total of £350bn," the minutes said. However, with markets expecting £50bn, and the MPC not wanting to spook investors, it opted for the lower amount. The minutes said: "An increase of £50bn in the stock of asset purchases would represent a material monetary stimulus, and it ...
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