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Bank Governor Mervyn King defeated in bid to print even more money

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UK Daily Mail
Wednesday, August 19, 2009

Bank of England Governor Mervyn King wanted to pump even more money into the economy ahead of this month’s shock decision to boost money supply by £50 billion, it was revealed today.

The Governor was one of three policymakers who were keen to increase the Bank’s so-called Quantitative Easing (QE) programme by £75 billion – to £200 billion, according to minutes of the monthly meeting.

The decision to instead increase QE by £50 billion was passed after six members voted in favour, but Mr King and the dissenters argued that there was less harm in boosting money supply by too much than there would be by too little.

Today’s minutes also revealed the Bank’s Monetary Policy Committee was unanimous in voting to keep interest rates at their historic low of 0.5%.

Mr King and the two MPC colleagues who preferred a £75 billion expansion – David Miles and Tim Besley – said they believed there were fewer risks in such a move.

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This article was posted: Wednesday, August 19, 2009 at 3:09 am

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