MPC's Miles calls for £25bn boost to QE

The minutes of the last Monetary Policy Committee meeting held on 7 and 8 November reveal David Miles was the only member calling for a boost to the Bank of England's quantitative easing programme.

Miles was the only one of the nine members to vote for an additional £25bn of QE, which would take the total size of the asset purchase scheme to £400bn. The committee was unanimous in its decision to hold the base rate at 0.5%, however.   Earlier this week Miles said the Bank still has the 'firepower' to boost the economy through another round of QE. "We may need more stimulus. That will depend on how the headwinds holding back growth play out," he said, adding there is likely to be some positive impact from the BoE's Funding for Lending scheme, put in place to make loans cheaper ...