Reign over: Bank of England Governor Sir Mervyn King bows out with no change in the monetary policy committee
Thursday 06 June 2013
Outgoing Bank of England Governor Sir Mervyn King brought down the curtain on 16 years of policymaking today, but failed to persuade rate-setting colleagues to pump more cash into the economy.
King is the last remaining ever-present monetary policy committee (MPC) member since the Bank was granted operational independence in May 1997, sitting in a total of 194 meetings firstly as chief economist and for the last 10 years as Governor.
But the MPC today voted not to expand quantitative easing beyond the current £375 billion, and held interest rates at their current record low of 0.5 per cent, where they have been lodged since 2009.
King and Bank director Paul Fisher joined David Miles in pushing for extra stimulus in February, although a majority has been unwilling to sanction further money-printing as the economy shows signs of picking up pace in the current quarter.
King’s term ends on June 30 when he hands over to Canadian Mark Carney. An examination of King’s overall voting record puts him among the committee’s more hawkish members, with 30 votes to raise rates against 23 to cut over the past 16 years, compared with the MPC’s 19 rate hikes and 26 cuts.
But since the financial crisis, the Governor has switched into the dovish camp, with more frequent votes for quantitative easing as well as larger doses of stimulus.
Assuming he maintained his call for more QE today, he has voted for money printing 13 times whereas the MPC has voted to do more seven times.
- 1 What happens to your body when you give up sugar?
- 2 Ed Miliband deemed less influential than One Direction's Louis Tomlinson by official Doncaster power list
- 3 Japanese island overrun with cats after population explodes
- 4 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
California teacher appears to have hanged herself in her classroom
The City of the Monkey God: Archaeologists claim to have found city lost for 1,000 years in remote Honduran jungle
Ed Miliband deemed less influential than One Direction's Louis Tomlinson by official Doncaster power list
Japanese island overrun with cats after population explodes
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...
£50000 - £60000 per annum + Excellent Salary: Austen Lloyd: An outstanding new...
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...