David Miles, one of the nine members of the Banks of England’s Monetary Policy Committee (MPC) voted against keeping quantitative easing (QE) at £375 billion, minutes from the 9-10 January meeting have shown.

Miles wanted to increase the size of the asset purchase programme by a further £25 billion to a total of £400 billion.

Meanwhile, the Committee voted unanimously in favour of the proposition to keep the bank rate at 0.5%.