We think today’s Monetary Policy Committee decision to keep rates on hold at +0.10% and increase Quantitative Easing (QE) by £100bn is unlikely to be the last act of policy loosening. And while we wouldn’t rule out the Bank of England cutting interest rates into negative territory, we still think that QE will be the tool of choice. Indeed, we think the Bank will announce a further £250bn of QE over the next year or so, much more than the consensus expects.
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