BoE 'willing to take any action to boost recovery'

19 March 2013

The Bank of England (BoE) is willing and able to take any action necessary to stimulate Britain's economic recovery.

That is according to Ian McCafferty, the newest member of the Monetary Policy Committee (MPC), who has insisted the central institution has no qualms about introducing changes - such as the implementation of further quantitative easing (QE) - should be deemed necessary.

Currently, the BoE's asset-purchasing budget is set at £375 billion and in their latest meeting earlier this month, members of the MPC once again opted to hold steady on this figure.

During an interview with the Yorkshire Post, Mr McCafferty said the MPC will not shy away from tough decisions.

"We at the BoE are standing ready, using our available policy instruments, to try and do all we can to support that move back into recovery," he stated.

The official went on to say that the UK is on track to experience a "modest and slow" period of financial recovery over the course of the next 12 months.

By Gary Cooper

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