United Kingdom: BoE maintains current stance
December 19, 2012
At its 5-6 December monetary policy meeting, the last one scheduled for 2012, the Bank of England (BoE) maintained its policy stance. In line with expectations, the BoE left the Bank Rate unchanged at 0.50% and the volume of its Asset Purchase Facility (APF) - also known as quantitative easing (QE) - at a total of GBP 375 billion.
According to the minutes of the meeting, all nine members of the Monetary Policy Committee (MPC) voted in favour of maintaining the Bank Rate at 0.50%, which is in line with the Committee's recent statement that a rate reduction is unlikely "in the foreseeable future". Regarding the stock of assets purchased, eight members were in favour of maintaining the APF at its present size, while one member voted for a GBP 25 billion expansion. The next meeting scheduled for 10 January 2013.