Mervyn King left his last Monetary Policy Committee meeting with his wish to restart the quantitative easing programme unfulfilled and the Committee still seemingly stuck in a state of limbo ahead of Mark Carney’s arrival. Despite the recent signs of economic recovery, we expect Mr Carney to usher in a new wave of monetary stimulus. That said, the fact that he will be battling against a relatively hawkish contingent on the Committee might limit how radical he can be.
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