Although the Committee minutes showed some members wanted to delay QE until November, arguments for immediate action won out.
“In terms of the timing of further asset purchases, there were clear arguments for acting quickly and decisively now that the need for further monetary stimulus had become clear,” read the minutes.
According to the minutes, there was debate over whether developments in the euro area are set to either reduce or scale up the total amount of asset purchases. However, an initial range between £50bn and £100bn was decided.
“For some members, the substantial downside risks pointed to injecting a larger monetary stimulus than otherwise in order to place the UK economy in a stronger position were those risks to materialise.”
All members voted to keep interest rates unchanged at their record low of 0.5%, despite inflation running at 5.2%.
