BoE rate setters backed no change

This month’s surprise decision to hold back from more help for the British economy was unanimously backed by Bank of England rate-setters, it emerged today.

The British Monetary Policy Committee (MPC) held rates at 0.5% two weeks ago, but caught markets off-guard by leaving the scale of its quantitative easing (QE) programme unchanged at £125bn.

Minutes of the MPC’s meeting said there “had not been enough clear evidence” to suggest the QE programme – effectively printing money – should be changed.

The committee will reassess the strategy in the light of the Bank’s latest detailed forecasts on inflation and growth due next month, the minutes added.