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Bank of England split in latest MPC vote

Minutes from the last MPC meeting have indicated a three-way split between members with the vast majority voting in favour of no change, one member voting for a rise in interest rates and one member voting for a reintroduction of quantitative easing. This perfectly illustrates the very difficult situation which the Bank of England and the MPC face with the UK economy which is as difficult to predict as it ever has been.

However, despite the fact that the vast majority of members voted for no change, it seems as though we will at some stage see the reintroduction of quantitative easing with a figure of £100 billion in additional funding being mentioned in the marketplace. It will be interesting to see when and how the UK authorities introduce quantitative easing and indeed what other fiscal stimulus programs are under consideration. There is no doubt that the UK economy is in need of a major boost in the short to medium term to trying to allay any fears of a double dip recession.

Whether the MPC, and the Bank of England overall, is waiting for concrete news regarding the government's austerity measures remains to be seen but the next few months will see significant activity on the stimulus program front.

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