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MPC member warns of tightening monetary policy too quickly

David Miles, one of the more vocal members of the MPC, has today warned UK government and the Bank of England in particular that a premature tightening of monetary policy could well send the UK economy into a tailspin. Despite very mixed signals from the UK economy there is intense speculation that the UK government and the Bank of England will introduce a number of fiscal stimulus programs in the short to medium term. However, David Devon Miles believes that these particular schemes, whenever they are introduced, need to be introduced on a long-term basis.

There is growing speculation as to the overall damage caused by the credit crunch and worldwide recession with speculation that deep-seated problems may still arise in the short to medium term. There is no doubt that finances around the world have been decimated with many governments now running on empty and some countries such as Greece and Ireland facing the prospect of a very troubled period.

It will be interesting to see how the forthcoming MPC meetings develop because ultimately the Bank of England will need to act sooner rather than later to try and offset a potential double-dip recession in the UK.

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