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Bank of England split on more QE as Governor Mervyn King over-ruled

Published: February 21, 2013
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Source: Philip Aldrick, The Telegraph

The Bank of England’s fears for the health of the UK economy have been laid bare by a split among policymakers that saw the Governor over-ruled for only the fourth time after he voted for more quantitative easing.

 The pound fell sharply as the markets reacted in shock to minutes from this month’s Monetary Policy Committee (MPC) meeting, which revealed that three members voted to increase QE by £25bn to £400bn – including Sir Mervyn King. Last month, only David Miles wanted to restart the printing presses.

The decision took traders by surprise as the Bank last week raised its forecasts for inflation from those made in November, warning that inflation would hit 3pc later this year and not fall back to the 2pc target until the beginning of 2016. Under normal conditions, the Bank would be expected to consider raising interest rates to offset such a rise.

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