At its 8-9 February meeting, the Bank of England (BoE) decided to increase the size of its asset purchase programme ? commonly referred to as quantitative easing ? by GBP 50 billion to a total of GBP 325 billion. The move was expected by most market analysts, as members of the Monetary Policy Committee (MPC) had stated in their previous meeting ?that a further expansion of asset purchases was likely to be required?. The BoE left the Bank rate unchanged at 0.50%. According to the minutes released on 22 February, the MPC ?judged that the weak near-term outlook for growth and the associated downward pressure from slack in the economy meant that, without further monetary stimulus, it was more likely than not that inflation would undershoot the 2% target in the medium term?. As a result, seven members of the MPC, including BoE governor Mervin King, voted in favour of expanding the asset purchase programme by GBP 50 billion, while the remaining two members were in favour of a larger GBP 75 billion increase. All nine members of the MPC voted in favour of leaving the Bank rate unchanged at 0.50%.
United Kingdom Monetary Policy
Bank of England embarks in further quantitative easing
February 9, 2012
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United Kingdom Economic News
October 21, 2016
Following nearly four months of little or no news regarding formal negotiations with the European Union, in early October, Prime Minister Theresa May finally shed some light on the Brexit timeline and announced that Article 50 of the Lisbon Treaty will likely be triggered before the end of March 2017.
October 19, 2016
In September, jobless claims increased by 700 from the previous month, according to the Office for National Statistics (ONS).
October 18, 2016
In September, consumer prices increased 0.2% from the previous month, which came in below the 0.3% increase seen in the previous month.
October 8, 2016
In August, industrial production contracted 0.4% over the previous month in seasonally-adjusted terms, which contrasted the 0.1% increase recorded in July.
October 3, 2016
In September, the manufacturing sector recovered the ground it had lost after the EU referendum.