The Bank of England Rejects More Stimulus

07 March 2013 - Which Way to Pay

    



The Bank of England Rejects More Stimulus

The rate setting committee of the bank of England has rejected requests to inject more stimulus into the economy. This means that interest rates in the UK have been kept at their lowest rates since records began.

There have been calls for the bank of England to do more to stimulate the economy and improve on the Quantitative easing process. The British Chamber of commerce said it expected to see an expansion of quantitative easing but it is unlikely to happen until May.

There is a huge amount of controversy at the moment surrounding the government policy of austerity in order to curb UKs deficit and ultimately to stimulate the economy. However, business secretary Vince Cable, a liberal democrat has stated that it is time for the country to start spending in order to stimulate the economy which has remained relatively stagnant over the last few years.

Last month the UKs credit rating was downgraded and the UK is expecting the government and the Chancellor to do something that will start to turn the UKs economic woes around.

However, on the back of the Bank of England news the pound has seen a sharp increase in strength on the foreign exchanges. The pound rose against the dollar to stand at $1.5047, and it also jumped against the euro to 1.1559 euros.

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