At the final meeting of Mervyn King as governor, six members of Bank of England overturned his call for additional stimulus, the minutes showed Wednesday.
As seen in the prior four meetings, King, Paul Fisher and David Miles sought an increase in quantitative easing by GBP 25 billion, while other 6 members of the committee voted to retain it at GBP 375 billion.
At the same time,the nine-member Monetary Policy Committee unanimously decided to maintain the record low 0.50 percent interest rate.
"For most members, the current policy setting was appropriate at this time," the minutes showed.
Members said further purchases could lead to an unwarranted narrowing in risk premia and complicate the transition to a more normal monetary policy stance at some point in the future.
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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.