As the Bank of England already has a QE programme in place and financial markets have remained calm, it was no surprise that the MPC voted unanimously to keep policy unchanged in September. But we think that it will loosen policy further, most likely in the form of more QE rather than negative interest rates as the market expects. We’ve pencilled in an extra £250bn of QE over the course of the next year, with an instalment of £100bn in November. That’s more than the consensus expects.
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