BCC: MPC must widen and increase scale of QE
09 Jul 2009
Commenting ahead of the MPC interest rate decision on Thursday 9 July, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
"It is very likely the MPC will keep interest rates on hold, but we believe quantitative easing must be widened and its scale increased.
"Although the recession is moderating, the risks facing small firms across all sectors of the economy are still very acute.
"QE is not yet achieving its aims. The amount of money held by companies, and lending to businesses, both fell in May. More forceful measures are needed to nurture confidence.
"The MPC has to utilise the full £150 billion already allocated to the asset purchase programme, and it should raise the proportion of private sector assets that it buys. The Chancellor should increase the ceiling by a further £50 billion, to £200 billion."
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