MPC votes against further QE
In Carney’s first MPC meeting as governor the Bank of England’s top brass voted unanimously to hold quantitative easing at its current level.
Previous meetings under the stewardship of Sir Mervyn King had seen the committee split on quantitative easing and in Kings final meeting in June the vote continued to be split 6-3.
However King’s departure appears to have signalled a retreat from a policy of more quantitative easing from some members of the committee.
According to the minutes members of the committee who would have voted for more stimulus were prepared to wait while the committee explored other options over the next month.
The minutes also said the August MPC meeting “would shed light on both the quantum of additional stimulus required and the form it should take”.