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Will Bank of England policy be dictated by the US?

Over the last few weeks it has become apparent that the Bank of England is more and more concerned about the UK economy and the prospects for the short to medium term. Indeed there has also been persistent gossip that the quantitative easing program could be reintroduced in the short to medium term with an increase on the £200 billion which has already been invested. However, could a change in the US Federal Reserve policy force the Bank of England to act quickly?

There is no doubt that the US government and the US Federal Reserve literally dictate the direction of the worldwide economy and any strategies implemented by the US government are likely to be replicated across the board. As a consequence, if as expected the US authorities implement a number of fiscal stimulus programs there would be an expectation of major economies around the world, such as the UK, to follow. This could either give the Bank of England the perfect excuse to reintroduce quantitative easing or else push the Bank into a corner from which there is no escape. Either way, it looks as though quantitative easing and other fiscal stimulus programs are on the way.

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