• BOE’s King, Posen and Miles voted to increase £50 bln, Fisher voted for £25 bln
• Vote to keep interest rates on hold was 9-0
• Most thought further stimulus was needed or would probably be needed
• All agreed risks to inflation were shifting to the downside
• Recent wage data and falls in commodity prices suggest weaker near-term inflation outlook
• Discussed changing bank reserve renumeration with BOE, but saw drawbacks
• So no advantages of cutting rates over increasing QE
• Risk to UK and rest of the world increasing as a result of the EU crisis