Bank of England committee considered rate cut

Bank of England policymakers are moving closer to taking further emergency action to jumpstart the UK recovery in the face of a “marked deterioration” in the economic outlook, documents revealed today.

The majority of the Bank’s Monetary Policy Committee (MPC) believe the case for increasing its quantitative easing (QE) programme – injecting cash into the economy to stimulate growth – strengthened in the month running up to its September meeting.