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 confirm that the MPC is prepared to continue easing policy, but there is too much hesitancy in their willingness to act rapidly and forcefully. There was some uncertainty about the effectiveness of further interest rate cuts, although one member provided powerful arguments for doing so.

“There is a critical need for aggressively pursuing quantitative and credit easing. Businesses must be reassured that the MPC and the Bank will move in that direction.”