United Kingdom: Bank of England leaves policy stance unchanged
September 19, 2012
At its 5-6 September meeting, the Bank of England (BoE) left the Bank Rate unchanged at 0.50%. The Bank also maintained the volume of its asset purchase programme - commonly referred to as quantitative easing (QE) - at a total of GBP 375 billion. Both decisions were expected by most market analysts, as in July the BoE had expanded QE by a further GBP 50 billion, with the corresponding asset purchases still expected to be completed in the two months following the decision. According to the minutes, the Monetary Policy Committee (MPC) voted unanimously in favour of both, leaving the Bank rate unchanged at 0.50% and maintaining the asset purchase programme at its current size.