London • The likelihood that the Bank of England might approve more economic stimulus next month decreased on Wednesday as minutes from the latest policy meeting showed the rate-setters disagreed on the program's effectiveness and official figures showed the unemployment rate has dropped.
According to the minutes, the nine members of the Monetary Policy Committee agreed unanimously not to expand the program this month as widely expected because "there was little to be gained at this meeting in changing the current program." But they were divided on the merits of increasing the stimulus in the future.
The MPC has so far authorized $606 billion to purchase government bonds and other high-quality assets. The latest authorization for $81 billion is expected to be completed by the time of the November meeting, when many analysts expect a further expansion in the program, known as quantitative easing.