The Monetary Policy Committee was divided over the latest quantitative easing decision this month, according to its latest minutes.

Minutes of the last MPC meeting held on 7 and 8 March show that seven members of the Committee voted to hold the asset purchase programme at £325bn.

Two members of the Committee, David Miles and Adam Posen, voted to increase the programme by a further £25bn, bringing the total to £350bn.

Their reasons were that larger monetary stimulus would ‘reduce the risk that persistently weak growth would damage the future supply capacity of the economy.’

They argued that any additional stimulus could be subsequently withdrawn if it became clear there was a significant risk inflation would rise above target.

This is the same split as the decision made in February, when £50bn was added to the programme but Mr Miles and Mr Posen favoured a £75bn addition.

February’s increase to the programme will take a further two months to complete.

The minutes also stated that there were ‘significant risks’ that inflation might fall below the two per cent target.

Members voted unanimously to hold the bank rate at 0.5 per cent this month.

The next meeting will be held on the 4 and 5 April.