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Bank of England's policy makers unanimously decided to continue with the asset purchase programme totaling GBP 200 billion using central bank reserves, the minutes of the meeting showed Wednesday. The meeting was held on January 6 and 7. All nine policymakers stood united in holding the Bank Rate at 0.5%.
Members agreed that recent developments did not provide grounds for substantially changing their views about the medium-term prospects for activity. The MPC continued to expect inflation to fall below the target for a period once the various near-term price-level shocks to inflation had worked through.
"There remained powerful headwinds impeding the recovery," the minutes showed. Policy makers assess the supply of bank credit to remain impaired for a sustained period as banks sought to adjust their balance sheets and refinance their own funding maturing over the coming years.
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