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BoE to vote against more QE

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05/11/2012
The Bank of England's Monetary Policy Committee is expected to vote against pumping more money into the economy when it meets this week, despite previous forecasts of a further £50bn injection.

Bank of England policymakers are expected to leave quantitative easing unchanged at £375bn and interest rates on hold at 0.5% on Thursday, the Telegraph reports.

The MPC’s mood appears to have changed as the economy grew more strongly than expected in Q3 and the Bank’s deputy governor, Charlie Bean, questioned whether QE could boost growth in the current economic climate.

Meanwhile, economists at the Centre for Economics and Business Research said Britain’s economy would perform better than its eurozone peers over the next couple of years.

It predicted the eurozone recession would continue in 2013, with only marginal growth in 2014. However, it forecasts the UK economy would grow by 0.8% and 1.4% respectively.

“The economic situation in some parts of Europe is moving from bad to catastrophic. There is a danger that the economic problems will spill over into social breakdown in many areas of Europe as unemployment soars and governments run out of money,” said Douglas McWilliams, chief executive of CEBR.

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