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MPC voted unanimously in favour of ending quantitative easing

It was revealed today that the Bank of England Monetary Policy Committee (MPC) voted unanimously in favour of an end to the quantitative easing program. This came at a time when the UK economy was beginning to show signs of recovery but since then we have seen the Greek issue cloud the horizon with potential problems in other areas of the Eurozone. So is this the end of the quantitative easing program?

Despite a unanimous vote in favour of ending the quantitative easing program, Mervyn King, the Governor of the Bank of England, gave the impression that the program could be reintroduced if the UK economy fails to respond. While this is obviously a sensible strategy to have in the background it does not portray an awful lot of confidence in the current UK economic upturn. So what can we expect in the short term?

It appears highly likely that the UK government and the Bank of England will leave the UK economy to its own devices in the short term. If after the first two quarters of 2010 there is no noticeable increase in economic activity then we could see the re-introduction of various fiscal stimulus programs such as the quantitative easing program.

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