MPC's Weale: No need for more QE - yet

The immediate future of the UK economy will not be dependant on a further round of quantitative easing (QE), a member of the Bank of England's rate setting body said yesterday.

However, Martin Weale, one of nine members of the Bank's Monetary Policy Committee, said it had the option of using the stimulus measure again, should the need arise. Earlier this month, Mr Weale voted to keep the UK base rate at a historic low of 0.5%, having previously voted for a rise. To date, the UK has pumped some £200bn into the economy in a single round of QE - the process of injecting money directly into the economy. One member of the MPC, Adam Posen, has consistently voted for an extra £50bn of QE. But in a speech to the Doncaster Chamber of Commerce on Thursday, Weale...