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July 26, 2017

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New Bank of England rate-setter takes cautious line on QE issue

LONDON -- New Bank of England policymaker Ian McCafferty took a cautious line on the need for another cash boost to the recession-hit British economy, saying his decision would hinge on a clearer view of the economy's health.

McCafferty's first public comments since joining the BoE's nine-strong Monetary Policy Committee contrast with the views of his predecessor Adam Posen, who was the most vocal advocate of additional easing measures.

McCafferty warned of the dangers to Britain's economy from the euro zone debt crisis, but also said that inflation could fall back more slowly than predicted due to a recent rise in the costs of oil and other commodities.

Most economists expect another dose of asset purchases once the current round of 50 billion pounds' worth of bond buys is completed in November, although a jump in exports in July added to signs that the economy is moving out of recession.

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