Monetary Policy Committee

The recovery of the British economy is now "sustainable and self-confirming", according to David Miles, an external member of the Monetary Policy Committee.

UK

ECONOMICS

Bank of England Governor Mark Carney is an advocate of the virtues of communication, but he may have already backed himself into a corner in his attempt to set out a clear policy path.

The Bank of England has opted against further quantitative easing at Mervyn King's final Monetary Policy Committee meeting, dashing the governor's hopes of more stimulus.

The Bank of England has held interest rates for the 50th month in a row and opted not to increase the size of its QE programme at its May meeting.

Mervyn King, the outgoing governor of the Bank of England, has warned central banks risk becoming more politicized as a result of their efforts to tackle the banking crisis and subsequent recessions.

The incoming Bank of England governor Mark Carney has said "the bar for change to the monetary framework is very high", warning any change to the current interest rate target could damage the economy.

The imminent departure of Mervyn King from the Bank of England has brought about renewed debate over the framing of the policy target set by the Treasury for the Monetary Policy Committee.

The Bank of England's chief economist Spencer Dale has warned printing more money "might do more harm than good" and could cause harm for the future.