Bank of England

QUANTITATIVE EASING

Monetary Policy Committee(MPC) member Adam Posen has revealed his reasons for abandoning his call for further stimulus to boost the UK economy, following the publication of this month's minutes.

A former member of the Monetary Policy Committee has claimed Bank of England governor Mervyn King was "unprepared for the crisis" that wrecked the world economy and "controlled the bank with an iron fist."

Paul Tucker,deputy governor of the Bank of England, has warned inflation will be higher than expected this year, following yesterday's unexpected rise in CPI.

Each of the nine members of the Bank of England's Monetary Policy Committee (MPC) voted to hold interest rates at the historic low of 0.5% this month, minutes from their latest meeting show.

Reports suggesting Bank of Canada governor Mark Carney is being lined up to replace his Bank of England (BoE) counterpart Sir Mervyn King have been denied.

The UK Consumer Prices Index (CPI) climbed in March as higher food and clothing prices pushed inflation up to 3.5%.

As governor Mervyn King approaches the end of his tenure, speculation is mounting over who will take the hot seat at the Bank of England when he steps down.

Former Bank of England committee member Andrew Sentance said today's decision by the MPC to keep its £325bn quantitative easing programme on hold is no surprise.

The Bank of England has held interest rates at 0.5% and resisted another round of quantitative easing amid tentative signs of an improvement in the economic outlook.