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Suprise: BoE’s Miles Wants Miles More QE to Kick Can Down the Road
A “substantial” amount of quantitative easing by the Bank of England is needed to kick-start Britain’s “stalled” economy, BoE policymaker David Miles said in an interview with the Financial Times.
Miles, who voted in favour of a third round of monetary stimulus at the Bank’s policy meeting in June, reiterated his support for a cash injection of at least 50 billion pounds.
“Do we need a more expansionary monetary policy? ‘Yes’. Should it be a substantial change in asset purchases? ‘Yes’. Is 50 billion pounds a substantial number? ‘Yes it is’. Could one know in advance what is exactly the right amount to do? ‘Absolutely not’,” Miles was quoted as saying by the FT’s website on Monday.
His counterpart Martin Weale, who voted with the 5-4 majority at the Bank’s Monetary Policy Committee meeting, said last week that further monetary stimulus could be applied to the economy without putting the inflation target at risk.
The country has fallen into its second recession in four years, and is in danger of a longer slump as the euro zone searches for a path leading to growth.
Miles said, however, that he “can’t see any reason for thinking that” Britain’s recovery has been curtailed by the government’s austerity measures, aimed at reducing the budget deficit.