No to expansion of quantitative easing and interest rates to stick at 0.5% as Bank of England 'wait and see' over economy
Thursday 04 April 2013
Bank of England rate-setters held off on more help for the economy today as interest rates were kept at their record low 0.5 per cent.
The Monetary Policy Committee decided against expanding its money-printing programme beyond £375 billion, although Governor Sir Mervyn King and two allies are expected to have called again for further quantitative easing.
So far further action has been blocked by a majority on the MPC worried about a potential run on the pound as well as the potentially limited effectiveness of more QE.
Today marks the first meeting of the MPC since the Chancellor changed its mandate in the Budget, formalising its strategy of looking through high inflation and giving it the option of providing explicit guidance on policy.
The Bank expects inflation — currently 2.8 per cent — to surge above 3 per cent by the summer and remain stuck above its 2 per cent target until the end of 2015 at the earliest.
- 3 Make your voice heard: Sign The Independent's petition to welcome refugees
- 4 Refugee crisis: Aylan's life was full of fear - in death, he is part of 'humanity washed ashore'
- 5 German police forced to ask public to stop bringing donations for refugees arriving by train
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
Britain to take more refugees as Cameron bows to pressure after more than 100,000 back our campaign
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...
£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...