Wednesday, the minutes of the Monetary Policy Committee meeting of the Bank of England held on April 8 and 9 showed that policymakers voted unanimously to hold the interest rate at a historical low of 0.5%.
The minutes also revealed that all the nine members of the MPC stood united while deciding to continue with the asset purchase plan worth GBP 75 billion announced on March 5.
The central bank said the Committee had agreed to review the scale and timing of the asset purchase programme each month. In principle, if the evidence warranted it, the
Committee could decide either to increase or reduce the programme of purchases, the minutes showed.
The bulk of the purchases had been of gilts, with smaller volumes of purchases in commercial papers and corporate bonds. Members assessed that the initial effects of the programme had been encouraging.
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