Belfast Telegraph

BoE policymakers still split over measures to boost economy

Bank of England policymakers remained split this month amid surprisingly high inflation data and robust growth figures.

Minutes of the Monetary Policy Committee's November meeting showed that while the majority voted to keep rates and money-boosting efforts on hold, there were opposing calls once more for an increase in rates and additional stimulus.

MPC member Adam Posen reiterated his call for another £50bn in quantitative easing (QE) to support the economy, but failed to gain MPC backing.

Andrew Sentance maintained his vote for a quarter point rise in rates to calm inflation.

Details of the meeting follow yesterday's disappointing inflation figures confirming another rise further above the Bank's 2% target, to 3.2% in October.

This came after the Bank's quarterly forecast last week - which the MPC would have had in time for the November decision - warned of further rises in inflation over the coming months.

Experts said the minutes reinforce expectations for the Bank to remain in "wait and see" mode for many months yet.

The minutes said: "Most members felt that the balance of risks had not altered decisively and that the right action at this meeting was to maintain the current, highly expansionary stance of monetary policy."