Mervyn King voted for more QE

David Miles and Adam Posen also voted to boost the money supply by £50bn while Paul Fisher voted in favour of a £25bn boost.

All members of the MPC voted to keep the bank rate on hold at 0.5%.

Although QE was overruled at this month’s meeting members said it was likely to be required at some point in the future but events in Europe should be allowed to play out further before a boost was agreed.

The MPC also agreed that the government’s planned credit easing should be given a chance before further monetary stimulus was confirmed.

Above target inflation was also cited as a reason to hold off further QE.