Sir Mervyn King voted to increase quantitative easing (QE) by a further £25bn at February's Monetary Policy Committee (MPC) meeting, latest minutes reveal.
The meeting, held on 6 and 7 February, saw the Bank of England keep QE on hold at £375bn - but minutes revealed a 6-3 split among committee members. King and Paul Fisher joined David Miles in voting for an extra £25bn of QE in February. Miles has called for more asset purchases since last November. Sterling slumped on the news, dropping by more than a cent against the dollar to fall below $1.53 for the first time since June 2012. The MPC suggested the precipitous decline in sterling seen since the start of 2013 is proving "expansionary" for the UK. However, the minutes struck a ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes