As expected, it was a unanimous decision.
- BOE MPC memebers who sought different QE in November still thought slightly different QE scale could be justified
- Case for deviating from £200 bln QE was outweighed by benefits of completing it as planned
- Medium term outlook for inflation and economy not changed materially since November inflation report
- Most MPC thought there had been positive economic developments in near term, albeit relatively minor
- BOE-MPC felt there had also been downside developments, disappointing money growth, wider gilt/ois spread
- Events in Dubai, Greece provided reminder of potential for shocks that might impact UK
- Difficult to identify with any confidence the turning point in economic activity
