Corrects 'year' to 'month' in the first sentence of the article
Bank of England policymakers raised the size of economic stimulus by GBP 50 billion this month through a split vote as Spencer Dale and Ben Broadbent voted to retain it at GBP 325 billion, the minutes of the meeting revealed Wednesday.
At the meeting held on July 4 and 5, seven members of the Monetary Policy Committee including Governor Mervyn King sought an increase in quantitative easing to GBP 375 billion. All nine of the members voted to hold the interest rate at a record low 0.50 percent.
"On balance, and in light of the potential stimulus provided by the other recent and prospective policy initiatives, these members judged that an additional GBP 50 billion of asset purchases was appropriate at this meeting in order to balance the risks to inflation around the 2% target in the medium term," the minutes showed.
The minutes revealed that the committee is likely to examine the case for a reduction in bank rate below 0.5 percent after taking into account the impact of policy initiatives.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.