Economy needs £50bn more QE - MPC member

The Bank of England should pump £50bn more into the "stalled" UK economy to kick start the recovery, according to MPC member David Miles.

Miles, a member of the Bank's interest rate committee, said a substantial third round of emergency bond buying would trigger a recovery. In an interview with the FT, he said: "Do we need a more expansionary monetary policy? ‘Yes’. Should it be a substantial change in asset purchases? ‘Yes’. Is £50bn a substantial number? ‘Yes it is’. "Could one know in advance what is exactly the right amount to do? ‘Absolutely not’.” According to the FT, Miles voted for additional QE at this month's meeting of the Monetary Policy Committee (MPC), along with three other members including governor ...