BOE Voted 8-1 to Halt Bond Purchases as QE Impact Questioned

The Bank of England voted 8-1 to stop expanding its bond-purchase program this month as the majority said uncertainty among consumers and companies may be affecting the impact of quantitative easing on the economy.

David Miles dissented from the majority on the Monetary Policy Committee, calling for a 25 billion-pound ($40 billion) increase in the target to 400 billion pounds. The MPC voted unanimously to keep its benchmark interest rate at a record-low 0.5 percent and said it was “unlikely to wish to reduce” it in the “foreseeable future.”