Bloomberg News

U.K. Economy Needs $78 Billion Injection, BOE’s Miles Tells FT

June 24, 2012

The Bank of England should put at least 50 billion pounds ($78 billion) into Britain’s economy, David Miles, a member of the bank’s Monetary Policy Committee, told the Financial Times.

Miles said the country needs a “more expansionary monetary policy,” adding that “exactly the right amount” can’t be known in advance, the newspaper reported.

He said he could see no reason to blame public spending cuts for the fact that the U.K. economy has performed worse than the MPC forecast, citing unexpectedly high commodity prices as being responsible, the FT reported.

To contact the reporter on this story: John Simpson in Toronto at jsimpson12@bloomberg.net

To contact the editor responsible for this story: Greg Chang at gchang1@bloomberg.net


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