By Marcus Leach
The danger facing the UK from the crisis hit eurozone has risen dramtically, that is according to the Bank of England's Monetary Policy Committee (MPC).
However, minutes from the MPC's latest meeting confirm that there will, for now at least, be no further financial stimulus to the British economy.
All nine board members voted to maintain the target level of quantitative easing (QE) at £275 billion, following the decision in October to inject a further £75 billion into the economy.
"While the worst risks had not so far crystallised, the threat of their doing so had increased, exacerbating the already severe strains in bank funding markets and financial markets more generally," the minutes said.
"Some members noted that the balance of risks to inflation in the November Inflation Report projections meant that a further expansion of the asset purchase programme might well become warranted in due course.
"Some other members judged that the risks to inflation around the target were more balanced."
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