Officials at the Bank of England (BoE) are mistaken in their belief that further quantitative easing (QE) would not benefit the British economy.
That is according to Adam Posen, a former policymaker who left the central institution earlier this year, who has told Bloomberg that his ex-colleagues are likely to refrain from implementing more monetary stimulus "indefinitely".
At present, the BoE's asset-purchasing budget stands at a level of £375 billion ($600 billion) and there has been some speculation that the body would opt to boost this further in order to aid the country's ailing economy.
However, it appears that the central institution is willing to rely on other measures - such as its Funding for Lending Scheme - to stimulate growth and has effectively ruled out further QE.
Mr Posen described this attitude as "bizarre" and added it essentially means that officials have "talked themselves into policy defeatism".
By Gary Cooper