Despite speculation of a move to negative interest rates the base rate remains unchanged at the record low of 0.1%.

Minutes released by the BoE show that eight members on its monetary policy committee (MPC) voted in favour of expanding the QE programme.

The only person to vote against it was Andy Haldane, the central bank’s chief economist.

The MPC said it expects to complete the full £745bn bond buying programme by the end of the year.

It added that it “stands ready” to take further action if needed.