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Expansion in QE Needs to be Backed by Further Stimuli

Published

9th July 2012

Commenting on the decision by the Bank of England's Monetary Policy Committee to keep interest rates on hold at 0.5% and to increase Quantitative Easing (QE) by a further £50 billion, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

'This decision by the Bank of England was not unexpected, given the current economic uncertainty, but the proof of the pudding will be in the eating and if this extension of QE is to produce tangible results, then it is clear that the stimulus packages announced last month in the Chancellor's Mansion House speech need to be implemented quickly.

'This could be further bolstered by the creation of a government backed business bank, as already exists in the US and Germany, and by the UK Government following the lead of the Scottish Government and opening up new streams of capital investment to help boost the real economy.'

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