Quantitative easing was voted for by all of the Bank of England’s Monetary Policy Committee (MPC) members, the minutes from the last meeting have revealed.
Members had considered investing between £50 billion and £100 billion into the UK’s ailing economy, before a figure of £75 billion was agreed.
The poor deteriorating economic outlook in the Eurozone, as well as across the world, was cited as a major factor for adding the money into the economy.
In the committee’s previous meeting in September, only one member had requested for further funds to be added into QE.
The minutes also revealed that all members were happy to keep interest rates stationary, irrespective of the continued rise of inflation, which has reached 5.2%
In the UK, there are over 12,000 businesses in the services sector that actively use business finance facilities such as invoice factoring or invoice discounting.