The Monetary Policy Committee remained divided this month with three members favouring an increase in the asset purchase programme.
At the meeting on 6-7 March, Governor Mervyn King, Paul Fisher and David Miles all voted for the asset purchase programme to be increased by £25bn. This would bring the total amount to £400bn.
This is the fourth consecutive month that economist Mr Miles has voted for an increase but the second month for Mr King and Mr Fisher.
The argument for further purchases was that it would help prevent a reduction in spending and avoid increases in unemployement.
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However, the trio were outvoted by the remaining six members who preferred to hold the programme at £375bn. These members were Charles Bean, Ben Broadbent, Paul Tucker, Spencer Dale, Ian McCafferty and Martin Weale.
They felt further asset purchases could lead to higher inflation, which is already above the Bank of England's two per cent target, and would affect wage and price-setting behaviour.
The committee increased its forecast for above-target inflation to the next three years. This was due to a rise in retail food prices and the small depreciation in sterling.
Members were unanimous about holding interest rates at 0.5 per cent, where they have remained since March 2009.
The next meeting will be held on 3 and 4 April with the minutes published on 17 April.

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