Bank of England Hints at Slow Recovery

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Bank of England Hints at Slow Recovery

Mike Symes - Tuesday 18.08.09, 09:39am

The Bank of England published its Quarterly Inflation Report today. Commenting, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said: “The inflation report acknowledges the present fragility of the British economy and indicates that any recovery will be slow and protracted. We believe this is the correct view, and it reinforces the need for continuing with an expansionary policy stance.

“At the very least, the Bank should use the full £175bn now allotted to the QE programme. The possibility of increasing the QE programme further may have to be considered if the economy weakens.”

The BCC called for the QE programme to be extended beyond £150bn last week and they welcomed the MPC decision to increase it to £175bn. It looks like the Government is committed to this route.