LONDON (AP) - The Bank of England's policymakers remain divided on whether to provide more stimulus to the flat-lining economy.
The minutes to the Monetary Policy Committee's meeting in May shows all nine policymakers agreed to keep the base interest rate at 0.5 per cent but they disagreed on pumping more money into the economy. Since 2009, the bank has injected 375 billion pounds (S$468 billion) into Britain's economy in a programme known as quantitative easing.
Under the programme, the bank buys government bonds from financial institutions, hoping they will lend to businesses. Governor Mervyn King and two other members pushed for an increase of 25 billion pounds, but were outvoted.
Economist Samuel Tombs of Capital Economics says the decision shows incoming Governor Mark Carney will struggle to garner support for more stimulus.