The Bank said it was “encouraging that a number of banks had decided to cut rates on some mortgage and small-business loans”, and added that the impact of the scheme could be greater than it had assumed in its latest Inflation Report.
When it came to the vote, most MPC members opted for a policy of wait-and-see.
“For most members, the decision [of no change] this month was relatively straightforward. Over the coming months, the committee could take stock of the impact of the FLS and the implications this had for other potential policy options,” the minutes said.
“For some members, the decision was nevertheless more finely balanced, since a good case could be made at this meeting for more asset purchases.”
You can download the full BoE minutes here