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MPC was 'split' over quantitative easing amount

19th August 2009

The Monetary Policy Committee (MPC) was split over the amount of extra money to pump into the UK economy as part of its quantitative easing scheme.

Members of the MPC voted to inject an additional GBP 50 billion into the UK economy earlier this month in a bid to buoy the economy and keep the economy on track to hit its inflation target of 2.0 per cent.

The MPC had originally stated that the injection was due to concern that UK inflation could remain below this target for a sustained period of time, which might harm public confidence in the recovery.

However, minutes of the MPC meeting - published today (August 19th) - reveal that three members of the committee including governor Mervyn King were in favour of a GBP 75 billion increase to the asset purchase facility.

The revelation comes after the latest Consumer Price Index figures from the National Office of Statistics revealed that inflation remained the same in July as the previous month, reflecting a halting of the downward trend.

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