News Summary: BofE chief backed stimulus, outvoted

News Summary: Bank of England chief backed more stimulus but outvoted, meeting minutes show

Associated Press

GROWING CONCERN: Minutes of its last policy meeting show the Bank of England expressing growing concern over Britain's economy and coming surprisingly close to backing another monetary stimulus.

VOTED DOWN: The minutes released Wednesday showed outgoing Bank of England Gov. Mervyn King and two other members of the bank's Monetary Policy Committee supported another cash infusion to revive Britain's ailing economy. But they were outvoted by the six other members, who preferred to keep policy unchanged.

INFLATION MUTED: King and the two others argued the risks to inflation from further economic stimulus were limited. There are fears Britain's economy may enter its third recession in four years.

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