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MPC voted unanimously to keep interest rates on hold

All nine members of the Bank of England’s Monetary Policy Committee voted to keep interest rates on hold at 0.5% in September, the latest minutes show.

This is the second month all nine members have voted to keep interest rates on hold.

MPC member Adam Posen once again called for a further £50bn of quantitative easing.

Samuel Tombs, UK economist at Capital Economics, says: “The minutes of September’s MPC meeting strongly suggest that QE2 is set to be launched in the very near future.

“Admittedly, no other members joined Posen in voting for an instant resumption of the asset purchases. However, most members of the Committee accept that the case for immediate policy stimulus has significantly strengthened over the last month – the debate is now how to do provide that extra stimulus.”

He says its guess is that a further £50bn of gilt purchases will be announced in November.

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