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BANK OF ENGLAND MAY NEED TO CONSIDER FURTHER EXPANSION OF QUANTITATIVE EASING

[ 07-10-2010 ]

Commenting on the decision of the Bank of England’s Monetary Policy Committee to keep interest rates on hold at 0.5% and to rule against further expansion of its policy of Quantitative Easing, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said: 

“It is no surprise that interest rates remain on hold for another month but perhaps the Monetary Policy Committee ought now to be re-examining the need to expand its policy of Quantitative Easing in the light of the forthcoming Comprehensive Spending Review, Scottish Government Budget and increases in the rate of VAT.  The effects of all of these policies will shortly begin to impact on business and it may be that a further stimulus may be required to boost the economy as spending cuts elsewhere begin to bite. 

“Consistent evidence of a strong recovery in the Scottish economy remains elusive, and until that is apparent, the option to expand QE must remain open.”

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