Minutes of the Monetary Policy Committee Meeting held on 6 and 7 August 2014

The Governor invited the Committee to vote on the propositions that:

  • Bank Rate should be maintained at 0.5%;
  • The Bank of England should maintain the stock of purchased assets financed by the
    issuance of central bank reserves at £375 billion.

Regarding Bank Rate, seven members of the Committee (the Governor, Ben Broadbent, Jon Cunliffe, Nemat Shafik, Kristin Forbes, Andrew Haldane and David Miles) voted in favour of the proposition.

Ian McCafferty and Martin Weale voted against the proposition, preferring to increase Bank Rate by 25 basis points.

Regarding the stock of purchased assets, the Committee voted unanimously in favour of the proposition.

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