Bank of England

Bank of England policymaker Adam Posen will step down from the Monetary Policy Committee (MPC) on 31 August when his three-year term comes to an end.

Sterling has fallen against the dollar today after a dovish quarterly inflation report from the Bank of England cut growth forecasts and left the door open to further QE.

Former Barclays chief John Varley is no longer in the running for the top job at the Bank of England, Investment Week understands.

The Bank of England's Monetary Policy Committee has resisted calls for further quantitative easing and has left its programme of stimulus unchanged, while holding rates.

Former Monetary Policy Committee member Andrew Sentance does not expect the Bank of England to unveil more QE tomorrow, and said this is the right course of action to avoid triggering higher inflation.

Fifteen years ago to the week, in May 1997, the thumping strains of D:Ream's Things Can Only Get Better heralded the arrival of Tony Blair, Gordon Brown and New Labour.

ECONOMICS

ECONOMICS

Lord Norman Lamont, former Chancellor of the Exchequer, has blamed the Bank of England's low interest rate policy in the mid-2000s as the "biggest single contributory factor" of the 2008 crisis.

Bank of England governor Mervyn King has admitted the central bank failed to warn of the risks banks were taking ahead of the crisis in 2008.