Today, the MPC decided to leave interest rates unchanged. However, the bank will continue to pump out the cash.
The BoE's original money creation ceiling of £125 billion should be reached next month. Today's statement hinted that the Bank might want a further authorization to create even more cash.
In summary, there is no end to the madness.
From the BoE's press release....
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £125 billion financed by the issuance of central bank reserves.
The Committee expects that the announced programme will take another month to complete. The Committee will review the scale of the programme again at its August meeting, alongside its latest inflation projections.