The voting breakdown on the three-pronged stimulus package is as follows from the nine-member monetary policy committee:
- 9-0 in favour of a 25 basis point rate cut to Bank rate
- 6-3 split in favour of restarting government QE. Kristin Forbes, Ian McCafferty and Martin Weale dissenting
- 8-1 in favour of buying £10bn of corporate QE; Kristin Forbes the only dissenter
In a statement, the BoE said:
All members of the Committee agreed that policy stimulus was warranted at this time, and that Bank Rate should be reduced to 0.25% and be supported by a TFS. Eight members supported the introduction of a corporate bond scheme, and six members supported further purchases of UK government bonds.