King defeated in final QE vote as MPC sees 'modest improvement'

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Bank of England (BoE) governor Mervyn King was defeated in his final bid to inject more stimulus into the UK economy, minutes from last month's minutes show.

King, who has called on the bank to extend its asset purchasing programme in the past four meetings, again reiterated his desire to pump an extra £25bn into the economy. However, the BoE committee voted against the proposals 6-3 for the fifth consecutive month, leaving QE unchanged at £375bn. The six members who voted against further stimulus measures argued further QE is not necessary as economic data points continue to surprise on the upside. "For most members, the current policy setting was appropriate at this time. The modest improvement in activity on the month had been broadl...

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