The Bank of England minutes for the June 8 & 9 meeting showed the prevailing disagreement among members, yet with a slightly dovish tone as arch Sentance leaves the committee.
As the governor invited the Committee to vote on the proposition of leaving rates at 0.5% and the asset purchases facility at 200 billion pound; seven members opted to keep rates steady and only two opposed as Spencer Dale and Martin Weale preferred an increase in the bank rate by 25 bp, arch hawk Sentance is now replaced by the first-time voting member Ben Broadbent that opted to keep rates steady.
On the APF all members voted in favor of the motion expect for Adam Posen that remained his call for increasing the program by 50 billion pounds to a total for 250 billion pounds.
The following members of the Committee were present:
Mervyn King, Governor
Charles Bean, Deputy Governor responsible for monetary policy
Paul Tucker, Deputy Governor responsible for financial stability
Dave Ramsden was present as the Treasury representative.