At its meeting ending on 5 August 2015, the Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 8-1 to maintain Bank Rate at 0.5%.

Ian McCafferty voted against the proposition, preferring to increase Bank Rate by 25 basis points.

The Committee voted unanimously to maintain the stock of purchased assets financed by the issuance of central bank reserves – so-called ‘quantitative easing’ – at £375 billion.