BoE voted 9-0 to extend QE, mulled bigger move

All nine members of the Bank of England's Monetary Policy Committee voted to keep interest rates at a record low of 0.5 percent in May and extend its quantitative easing programme by 50 billion pounds.

Minutes of the MPC's May 6 and 7 meeting showed on Wednesday policymakers considered extending their asset-buying programme by the maximum 75 billion pounds currently permitted by the government before opting for 50 billion.

Having agreed that more monetary stimulus was needed, some members thought the economic outlook warranted just 50 billion pounds of more asset-buying in addition to the 75 billion pounds committed to in March.

"For other members, a case could be made for the larger stimulus. But as the precise amount that would ultimately be required was so uncertain, there was no pressing need for the larger extension," the minutes said.

Policymakers would keep the total under review at each meeting.