Gieve: No need to resume QE as UK recovering

Former Bank of England deputy governor Sir John Gieve says the UK should resist resuming quantitative easing, as the economic recovery appears to be persisting.

Sir Gieve, who is a senior adviser at GLG Partners, told Bloomberg he would vote to keep QE at the current level of £200bn. The Bank's MPC was split three ways this month, with dove Adam Posen voting for more stimulus and hawk Andrew Sentance seeking an interest rate hike. "I'd be voting to give it a bit more time. It's not clear that the economy is faltering and it seems quite likely to me that the recovery will continue but there's no doubt that there's more worry about that than there was a few months ago," Sir Gieve says. "If the economy is faltering or falters, then really QE2...