The Bank of England's Monetary Policy Committee (MPC) has voted to increase its quantatitive easing programme by an additional £50 billion.In a widely unanticipated move, the committee yesterday (August 6th) decided to breach the £150 billion allowance set by the Treasury for its asset purchase programme, while also voting to maintain the base rate at 0.5 per cent.Explaining its actions, the MPC explained that the economy would be weighed upon by two competing pressures in the coming months: On the one hand, the fiscal stimulus and the recent depreciation of sterling will create upside support for manufacturing and inflation, while the financial industry's need to repair balance sheets will lead to a persistent constriction in the availability of credit.Analysts broadly expected that the MPC would hold off from a further bout of quantatitive easing as a show of faith in the recent signs of recovery."These things take time to work and I think it is at a mistake to expect for there to be an immediate impact from what they have already done," commented Michael Baxter, economist at Defaqto.