The Bank of England released today the Minutes of its MPC meeting held on the 5th and the 6th of October, were the Committee decided to raise the amount of asset purchases by L75 billion. For the first time since long, the MPC decision was unanimously, both on rates and on the stock of asset purchases. While the stimulatory monetary stance and present level of sterling should help to support demand the Committee judged that the weaker outlook for and increased downside risks to output growth meant that the margin of slack in the economy would probably be greater and more persistent than previously thought. This made it more likely that inflation would undershoot the 2% target in the medium term, without further monetary stimulus. In terms of the timing, the MPC said there were clear arguments for acting quickly and decisively now that the need for further monetary stimulus had become clear. In terms of the immediate decision, the Committee considered a range of asset purchases of between L50 billion and L100 billion. It was agreed that the asset purchases would be of nominal gilts, conducted over a four-month period and spread evenly across residual maturities over three years. As the Bank of England discussed even larger asset purchases, further monetary stimulus is not excluded if economic conditions deteriorate further, although there is considerable uncertainty and members agreed to keep the size under review in the light of subsequent analysis and events.