Osborne gives green light for more QE

Chancellor George Osborne is set to give the Bank of England the green light for more monetary stimulus to prevent the economy slipping back into recession.

Osborne says he will adhere to any decision made by the central bank's nine-member Monetary Policy Committee, should it expand the current £200bn quantitative easing programme. "If it makes judgments, then I would basically follow those judgments," he says. The Bank of England last week left its emergency stimulus unchanged and held interest rate at the historic low of 0.5%. Osborne also reiterated the Government's spending cuts will not derail economic growth. "We have a staggered plan over four years. It does not come into effect overnight," Osborne says. "I do not think yo...