MPC's Weale: Rate cut a possibility 'should the need for easing arise'

Next move in rates most likely upward

Martin Weale, member of the Bank of England's Monetary Policy Committee, has said the Bank has plenty of scope to control monetary policy if needed, including a further interest rate cut.

In a speech at the University of Nottingham on Tuesday, Weale (pictured) said the Bank could further cut rates below the 0.5% level, where they have stayed since 2008. It could also embark on another round of quantitative easing, which could include purchasing private sector assets. This was a measure previously used in the 1980s, when the Bank held private assets worth 5% of annual economic output. However, he concluded his speech saying it is more likely the first move in interest rates in the UK would be upwards, as has been forecast for several quarters. However, the latest pol...