Bank of England's MPC united over quantitative easing

The Bank of England's Monetary Policy Committee (MPC) was unanimous in voting for another £75bn of quantitative easing (QE) to support the weak UK economy. Minutes from the MPC's meeting earlier this month show members considered injecting between £50bn and £100bn. The committee cited a sharp deterioration in the international outlook as a key factor. The vote for more QE marked a sharp turnaround in the members' positions. At the previous meeting in September only one MPC member, Adam Posen, had pushed for more QE. All members voted to keep interest rates unchanged at their record low of 0.5%, despite inflation running well above the 2% target rate. Figures released on Tuesday showed consumer price inflation rose to 5.2%.