Bank split on more QE Minutes to the Monetary Policy Committee meeting showed that all nine members voted to hold rates at 0.5pc and leave quantitative easing (QE) unchanged at £375bn. Many economists expect the Bank to launch another £50bn of QE in November. However, there was disagreement among MPC members about whether more QE would deliver the stimulus hoped. "Some members felt that there was still considerable scope for asset purchases to provide further stimulus," the minutes said. Other members, while acknowledging that asset purchases had the scope to lower long-term yields further, questioned the magnitude of the impact that ... would have on the broader economy. The Bank's chief economist Spencer Dale and MPC member Ben Broadbent both opposed the last expansion of asset purchases in July and last week another external member, Martin Weale, also expressed scepticism about further purchases. The deputy Governor Paul Tucker has also said QE was losing its "bite." However, they stlll appear to be in the minority. The division is between those that believe QE will drive economic growth, as the Bank's analysis of the first £200bn round showed it did, and those that believe it is having little impact on growth but a strong effect on inflation. Last week, Governor Mervyn King said that monetary policy would ultimately reach the limit of what it could do to help growth, though he did not say this point was near. The minutes also suggested the economy was weaker than had been expected in the Bank's last economic assessment in August, when growth was sharply downgraded. "It now seemed likely that the pickup in activity would come through a little later than anticipated at the time of the August Report," the minutes said. It's next outlook will be in the November Inflation Report, which will shape next month's decision on QE. Joost Beaumont, senior economist at ABN Amro, said the minutes left the "door wide open for more stimulus in November ... Especially when taking into account that the Committee judged that the strength of the recovery will be weaker than anticipated in August, while uncertainty about the economic outlook remains elevated. Mr Beaumonth expects another £50bn of QE next month.