BoE keeps rates at record low and opts for no more QE Howard Archer, of IHS Global Insight, expects the decision to hold off from more monetary stimulus was the result of a tightly split vote, possibly even as close as 5-4 against more QE. Sir Mervyn, Paul Fisher and David Miles have voted for a £25bn increase in QE since February. "Pressure for further stimulative action from the Bank of England, at least in the near term, has been eased by GDP growth ... while an improved set of purchasing managers' surveys for April has fuelled hopes that the economy can achieve further clear expansion in the second quarter,"said Mr Archer. In addition, the MPC can also point to the recent extension of the Funding for Lending Scheme as meeting the Chancellor's desire for extra monetary activism by the Bank of England. Last month the Bank expanded its Funding for Lending Scheme to encourage lending to small businesses. Victoria Clarke of Investec said: "We suspect following the arrival of the new Governor Mark Carney we will see a sustained push to try to achieve a step-up in growth, with something more significant than the recent augmentations to the Funding for Lending Scheme." She expects £75bn of further QE purchases, adding: "The Chancellor's Budget refresh of the Bank's remit with the emphasis on the vital role of "monetary activism" should provide Mr Carney with the space to do so, against the continued backdrop of above target inflation." Inflation is currenly 2.8pc, and has been above the 2pc target for much of the past five years. However, a slide in commodity prices and a rise in the value of sterling over the past two months has ease worries about the cost of living. The Bank will publish it lastest Inflation Report on May 15. The minutes of today's meeting will be published on May 22.