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Bank considered interest rate cut

Policymakers at the Bank of England voted against reducing interest rates in a bid to kick start the UK economy, minutes reveal.

The Bank's Monetary Policy Committee (MPC) also decided to continue to hold its quantitative easing (QE) measures.

The decision, which was unanimously backed by all nine members of the MPC, will be welcomed by savers, who are already struggling to find any savings scheme which will offer them good returns while interests rates are at their record low of 0.5 per cent

Minutes from the September meeting of the MPC revealed that the majority of its members thought the case for increasing the (QE) programme had got stronger during the previous month but only one, external member Adam Posen, voting in favour of boosting the QE stock by £50 million.

The meeting was held in the face of a what members described as a "marked deterioration" in the economic outlook, the minutes revealed.

Copyright © Press Association 2011

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