At the MPC meeting on 8-9 February, members David Miles and Adam Posen voted for the asset purchase programme to be increased by £75bn to £350bn.

The remaining seven committee members voted in favour of an increase of £50bn to £325bn.

It is hoped this figure will be sufficient to enable inflation to meet its two per cent target. The smaller figure was chosen as growth may be stronger than expected in the near term and risks surrounding the euro area had reduced.

The committee also worried, by choosing a larger figure, it would send a signal it thought the economic situation was weaker than it was.

If a larger figure had been chosen, the committee said some monetary stimulus could have been subsequently withdrawn if inflation was above the target.

The increase followed an earlier increase of £75bn in October 2011.

The Committee voted unanimously that the bank rate should remain at 0.5 per cent and forecasts have been made by analysts that this figure could remain the same for two years.

The next meeting will be held on 7 and 8 March.