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MPC appears split on extension of quantitative easing programme

The Bank of England MPC (Monetary Policy Committee) appears to be split on the subject of quantitative easing and a potential extension of the ongoing program. Last month's meeting appeared to give a rather upbeat view of the UK economy and the future success of the quantitative easing programme, although the last few days have seen this upbeat stance start to show cracks.

Interestingly, even economists in the UK are split roughly 50/50 on the subject of whether quantitative easing should be extended although the vast majority of those questions believe that UK base rates will remain at 0.5% for some time to come. For those who follow the quantitative easing programme carried out by the Bank of England, around £125 billion has already been spent with an additional £25 billion available for the Bank of England as and when required. But will the Bank increase the quantitative easing fund this month?

The hope last month had been that the MPC would announce that the UK economy had turned in August and the quantitative easing programme could be discontinued. However, the signs are that the UK economy is not turning as quickly as many had hoped and further assistance may well be required in the short term.

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