Bank of England's Monetary Policy Committee (MPC) decided to halt GBP 325 billion bond purchase programme in May through a split vote, the minutes of the meeting showed Wednesday.
Governor Mervyn King and seven other members voted to maintain quantitative easing unchanged, while David Miles sought GBP 25 billion increase to a total of GBP 350 billion.
For several members, the decision not to expand the asset purchase programme at this meeting was finely balanced. According to Miles, the balance of risks already warranted a further expansion of the asset purchase programme this month.
Members said that the MPC would continue to monitor the outlook each month and further monetary stimulus could be added if the outlook warranted it.
Further, all nine members voted to hold the interest rate at a record low 0.50 percent.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.