MPC minutes: Two members wanted more QE

The MPC opted to leave rates on hold at record lows of 0.5% earlier this month, while leaving the quantitative easing programme at £325bn, despite the decline in GDP in Q4. However, dovish David Miles and Adam Posen both called for a further £25bn of stimulus, warning the economy might be damaged over the long term if weak growth continues. In the minutes it said: "Two members continued to think a larger monetary stimulus was warranted to reduce the risk persistently weak growth would damage the future supply capacity of the economy. "In their view, policy should be loosened furthe...