The Bank of England's Monetary Policy Committee voted on January 12 to leave the official Bank Rate paid on commercial bank reserves unchanged at 0.5%. The Committee also voted to hold the quantity of asset purchases program, financed by the issuance of central bank reserves, steady at £275 billion.

The Committee expects the announced program to take another one month to complete. The scale of the program will be kept under review.

The minutes of the meeting will be published at 9.30am on Wednesday 25 December.