MPC in three-way split over pouring in £25 billion

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Seven members of the monetary policy committee approved this month's decision to raise the money printing programme from £175 billion to £200 billion, minutes from the meeting showed today.

But two members opposed the move, with David Miles wanting an extra £40 billion and chief economist Spencer Dale opting for no change at all.

All nine agreed to leave interest rates unchanged at 0.5%. The three-way split over QE exposed differing views at the Bank over how to end the longest recession on record without fuelling inflation.

Peter Westway of Nomura said: "The MPC seem to be seeing icebergs on both sides of the ship and are keeping watch accordingly."

Economists said the Bank could extend QE further but argued that such a move looked unlikely.

Colin Ellis of Daiwa Securities said: "There is an awful lot of debate on the committee and a lot of uncertainty about what the right thing to do is. I wouldn't rule out any further purchases but I think it's pretty clear the committee would like to stop at £200 billion."