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BoE divided on extra £25bn of easing

The Bank of England’s monetary policy committee remained split over whether to launch another around of quantitative easing this month, the minutes from its March meeting show.

On 7 March, the MPC voted unanimoulsy to hold interest rates at 0.5 per cent but were divided on keeping QE at £375bn.

The March minutes show only governor Sir Mervyn King, deputy governor Charlie Bean and Paul Tucker voted for another £25bn of QE.

Those arguing for another £25bn said inflation is stable, wage growth is weak and there is a degree of slack in the economy for more QE.

Those arguing against more QE decided any more Bank asset purchases could cause inflation to rise which could harm sterling and there are limits to what QE could achieve.

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Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.

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