Thursday, December 10, 2009
Nothing from the Bank
Posted by David Smith at 07:00 PM
Category: Thoughts and responses

It is easy to forget that the Bank of England's monetary policy committee met today, left Bank rate unchanged at 0.5% and decided to continue with the 200 billion of quantitative easing so far agreed. But when you read that sentence, just remember how remarkable it is. Even a year ago, a 0.5% Bank rate and QE, something that the Japanese had once tried with mixed success, would not have been on most people's expectations for 2009. It shows that we are still a long way from normal.