RTTNews - The Monetary Policy Committee of the Bank of England voted unanimously to hold the key interest rate at a record low of 0.5%, the minutes of the meeting showed Wednesday. The meeting was held on May 6 and 7.
The minutes also revealed that all the nine members of the MPC stood united while deciding to raise the size of asset purchase plan by a GBP 50 billion to a total of GBP 125 billion. The central bank should seek to complete the GBP 125 billion of purchases within the next three months, the minutes showed.
The committee noted that purchases of private sector assets under the Asset Purchase Facility would continue to be financed using central bank reserves rather than Treasury Bills and, in so far as such purchases fell short of the GBP 125 billion total, the Bank of England would buy gilts, the minutes said.
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