BOE Monetary Policy Committee Minutes for August (Text)

The following is the text of the Bank of England Monetary Policy Committee Minutes for August:

The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending 3 August 2016, the MPC voted for a package of measures designed to provide additional support to growth and to achieve a sustainable return of inflation to the target. This package comprises: a 25 basis point cut in Bank Rate to 0.25%; a new Term Funding Scheme to reinforce the pass-through of the cut in Bank Rate; the purchase of up to Stg 10 billion of UK corporate bonds; and an expansion of the asset purchase scheme for UK government bonds of Stg 60 billion, taking the total stock of these asset purchases to Stg 435 billion. The last three elements will be financed by the issuance of central bank reserves.