Commenting on the MPC minutes, published today by the Bank of England, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:  

 

“The minutes confirm that the MPC was unanimous in deciding to maintain the quantitative easing stimulus, and that there was discussion about modest signs of recovery in the economy.   

Despite some positive signs, there are still serious risks of a set back and the persistent weakness of bank lending to companies remains a clear danger. 

“We believe the MPC will have to increase the QE stimulus to £200bn in the next month or two, and to consider a negative interest rate on deposits held by commercial banks at the Bank of England.”