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Bank Of England gives mixed opinions on UK economy

Charles Bean, the deputy governor of the Bank of England, has today attempted to tone down recent comments attributed to various members of the MPC. Over the last few days we have seen a number of relatively upbeat statements from various members of the MPC although Charles Bean has been a little more cautious today, suggesting the UK recovery will be a long haul fraught with uncertainty.

In a direct response to suggestions that the quantitative easing programme was being watered down, he suggested the situation was slowing down and would be reviewed again in August. This is in-line with recent comments attributed to the last Bank of England meeting during which the members did not apply for further funding from the UK government, as had been expected by many. It seems as though the current quantitative easing funding programme will be extended into August at which point a decision will be made as to whether the program should end or be extended with additional taxpayer investment.

Even though quantitative easing has been put forward as the saviour of the UK economy there is no doubt it has always been a long-term strategy which would not turn the UK economy around overnight. It will be interesting to see how the MPC react next month at which point we should have further information about the performance of the UK economy.

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