• Dale and Broadbent opposed increase
  • Voted 9-0 to keep interest rates at 0.5%
  • MPC members who supported more QE discussed 75 bln increase as well as 50 bln
  • Key question for MPC was how big a boost to growth would come from funding for lending and ECTR schemes
  • Potential stimulus from new schemes helped tip MPC towards 50 bln QE and not 75 bln
  • Dale and Broadbent concerned fall in inflation “very largely” due to temporary effect from lower oil prices
  • Near-term outlook for GDP weaker, survey indicators had deteriorated since June
  • “Very substantial risks” remain from euro zone, increasing signs this is hurting UK growth