Sterling strengthens as BoE tries to halt currency slide

The Bank of England voted 6-3 against more quantitative easing this month, saying a further round of purchases could cause an "unwarranted depreciation in sterling".

Governor Mervyn King voted in favour of a further £25bn in asset purchases for a second consecutive month, but the majority of his colleagues were more circumspect, according to the latest Monetary Policy Committee (MPC) minutes. Members of the Committee, including King, have talked down sterling in recent months, but the minutes suggest the Bank now believes a further slide in the currency would be overdone. The MPC used the minutes to re-state their commitment to a supported pound, in keeping with King's own change of tone last week. The Committee said: "It [further monetary sti...