Bank of England policymakers voted 9-0 to keep UK interest rates at 0.5% earlier this month and to opt against expanding its credit-easing plan, details of the meeting have shown.
The BoE's nine-member monetary policy committee (MPC) decided against pumping billions of extra pounds into money markets at the July 8-9 meeting, when it also held interest rates at a record low.
While the July rate decision had been widely expected, many economists had forecast that the MPC would create an extra £25 billion under its quantitative easing (QE) scheme.
'The committee had not learnt much from developments over the past month that would enable it to assess whether the asset purchase programme would prove more or less effective than it had judged previously,' the minutes of the meeting read.
Under QE - a process seen as effectively printing new money - the British central bank buys government bonds from commercial banks in the hope that the institutions will lend once again to businesses and individuals.
Back in March, the BoE decided to cut its key lending rate from 1% to 0.5%, the lowest level since the central bank was formed in 1694, as recession tightened its grip on the British economy.
