Bank of England dove Posen to quit for post in America
Saturday 19 May 2012
The Bank of England dove Adam Posen is to quit the rate-setting Monetary Policy Committee to take the helm of the Peterson Institute, a US think-tank.
Mr Posen, the only member of the MPC who has voted consistently for more stimulus in recent years, will step down when his current term on the MPC expires in August.
He yesterday admitted that he may have been over-hasty in dropping his call on the Bank to pump billions more into the economy last month. Mr Posen surprised the markets in April when he abandoned his push for an extra £25bn stimulus. But he now says the recovery is weaker than he thought, while the last £125bn round of QE in October, in response to the eurozone turmoil, has had less impact.
"I had been hopeful in the last few months that after we did an additional £125bn that was getting close to enough. And now I am debating whether I was premature to think that," Mr Posen said.
A month ago Mr Posen insisted that the economy was performing more strongly than official figures suggested. Yesterday he said: "My past assessment that the weak data was likely overstating the weakness of the economy may have to be discounted somewhat.
"I still think the weak data somewhat overstates it, but given the revisions to the construction data, given the downward moves in the business surveys ... it's not just data, the underlying strength of the economy is weaker."
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...