Arch dove Posen to step down from MPC

Bank of England policymaker Adam Posen will step down from the Monetary Policy Committee (MPC) on 31 August when his three-year term comes to an end.

One of the most dovish members of the committee, Posen (pictured) had repeatedly called for extra stimulus, until he voted against an extension of the UK’s £325bn quantitative easing programme in April. He later said he had been too optimistic about the UK economy’s prospects, suggesting he should not have dropped his call for more stimulus. Minutes of the May meeting to be published on May 23 will reveal whether or nor Posen changed his vote back in favour of more QE. “I had been hopeful in the last few months that after we did an additional £125bn [of QE] that was getting close to e...