Details of the January 2015 UK Bank of England Monetary Policy Committee meeting 8 January 2015
- No extra QE. Total done stands at £375bn
Bank of England maintains Bank Rate at 0.5% and the size of the Asset Purchase Programme at £375 billion
08 January 2015
The Bank of England’s Monetary Policy Committee at its meeting today voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion, and so to reinvest the £4.35 billion of cash flows associated with the redemption of the January 2015 gilt held in the Asset Purchase Facility.The minutes of the meeting will be published at 9.30 a.m. on Wednesday 21 January.Notes to Editors
The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009. A programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009. The previous change in the size of that programme was an increase of £50 billion to a total of £375 billion on 5 July 2012.
Information on the Asset Purchase Facility can be found on the Bank of England website athttp://www.bankofengland.co.uk/monetarypolicy/Pages/qe/default.aspx.
A market notice describing the reinvestment of the cash flows associated with the redemption of the January 2015 gilt held in the Asset Purchase Facility can be found athttp://www.bankofengland.co.uk/markets/Documents/marketnotice150108.pdf.
The Bank will continue to offer to purchase high-quality private sector assets on behalf of the Treasury, financed by the issue of Treasury bills, in line with the arrangements announced on 29 January 2009 and 29 November 2011.
The reinvesting of QE will continue with £4.35bn of maturing Jan 2015 gilts to be used in 3 buy-backs over 3-7, 7-15 & 15 year gilts amounting to £1.45bn in each.
