Dismal data disappoints as Bank hints at more QE

April UK retail sales have come in well below forecast as Bank of England minutes have revealed many MPC members are considering voting for further quantitative easing.

The minutes of the meeting revealed the decision to vote for more QE was finely balanced for "several members" of the committee, though David Miles was the only member to vote for further expansion of the programme. Minutes from April's meeting, by contrast, said Miles' own pro-QE vote was finely balanced but made no mention of other members' deliberations. Miles voted for an extra £25bn of QE in May in addition to the £325bn worth of existing asset purchases. All nine members of the committee voted to keep interest rates on hold at 0.5%. The Bank said the improvement in sentiment ...