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Bank of England chief economist Andy Haldane delivered a surprise by voting to reduce the target stock of gilt purchases to GBP875 billion to GBP825 billion at the May meeting. Haldane, however, is set to leave the MPC after the June meeting.
His colleagues all voted for unchanged policy, sticking to the view that having announced a QE programme they would continue with it, so Haldane's vote appears to have no policy significance. The Bank left rates on hold at 0.1% with a unanimous 9-0 vote and voted 8-1 to maintain the target stock of combined QE at GBP 895 billion.