By Marcus Leach

The latest minutes from the Bank of England's policy setting Monetary Policy Committee have shown growing support for further stimulus for the economy.

Sir Mervyn King, David Miles and Adam Posen voted to boost the quantiative easing programme by £50 billion, with Paul Fischer favouring a £25 billion rise on the current level of £325 billion.

All nine members were in agreement that the interest rate should be held at 0.5% again.

“This is not really a shock given the general economic weakness globally and it shows just how close the MPC have come to pumping more money into the economy," Jeremy Cook, chief economist at World First, the currency brokers, said.

“The key thing now will be whether the recent ‘funding for lending’ scheme announced last week by the Chancellor is a replacement for or a companion of further QE next month.

“Following this week’s slip in inflation, we are now looking for the BOE to raise asset purchases next month by £50-75bn.”

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