Commenting on the MPC minutes published today by the Bank of England, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said: 

“The minutes highlight an appreciation from the MPC of the severe recessionary threats still facing the economy. It is particularly welcome that three members, including the Governor, voted for an increase in quantitative easing to £200 million. The MPC rightly realises that the risk of inaction at the present time greatly exceeds the dangers of pursuing a large stimulus.  

“In view of the dangers facing businesses, the MPC should reject suggestions to reduce or suspend the QE programme following this week’s inflation figures. The main priority must be to alleviate the recession by getting money back into the real economy, and to help stem the persistent rise in unemployment.” 

“In view of the dangers facing businesses, the MPC should reject suggestions to reduce or suspend the QE programme following this week’s inflation figures. The main priority must be to alleviate the recession by getting money back into the real economy, and to help stem the persistent rise in unemployment.”