All nine members of the MPC voted to maintain the target level of quantitative easing at £275bn and to keep interest rates at 0.5%.
The minutes said: “While the worst risks had not so far crystallised, the threat of their doing so had increased, exacerbating the already severe strains in bank funding markets and financial markets more generally.”
But members of the committee said that now was not the time to add further monetary stimulus to the economy.
The Bank of England’s asset purchase programme will be completed in February and members were split on whether or not more would be needed after that.
Nick Hopkinson, director of property company PPR Estates, said: “It’s worryingly clear that the Bank of England Governor and his key advisers have no more ideas about how to get UK PLC growing than anyone else.
“Perhaps more worrying is that the Bank appears to have no fiscal ammunition left in its armoury with interest rates stuck at near zero for the foreseeable future, inflation above 5% and showing no signs of falling and the latest batch of quantitative easing completely failing to ease credit in any meaningful way for struggling small to medium firms or individuals.
“UK house prices are falling by at least 5% annually in real terms at the moment, outside of London’s millionaire enclaves and things may rapidly get a lot worse if events outside our control deteriorate even further.”
