LONDON (MNI) – Bank of England Monetary Policy Committee Member
David Miles has defended his vote for stg75bn of extra QE at this
month’s meeting of the MPC.
Speaking to CNBC TV, Miles said that “given the outlook, it made
sense to continue buying assets at the same pace that the monetary
policy committee had following the monetary policy decision made in
October”.
In October, the MPC had decided to expand asset purchases by
stg75bn but this month’s decision to boost QE by the lesser amount of
stg50bn means a slower weekly pace of QE.
“I think where the monetary policy needs to be right now is
maintain a very expansionary stance and try and boost demand as quickly
as possible and that was really the thinking behind expanding asset
purchases” at the February MPC Meeting.
As regards further asset purchases down the pipeline, Miles
responded by saying, “We will see where we are in May”.
Miles added, “the situation changes quite significantly from month
to month”.
–London newsroom 0044 20 7862 7499; email: ukeditorial@marketnews.com
[TOPICS: M$$BE$,MT$$$$]
