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Mervyn King outvoted on QE in his 194th and final MPC meeting Mervyn King outvoted on QE in his 194th and final MPC meeting
(4 months later)
Sir Mervyn King was denied his parting wish for more money-boosting measures this month after being outvoted in his final Bank of England rate-setting meeting.Sir Mervyn King was denied his parting wish for more money-boosting measures this month after being outvoted in his final Bank of England rate-setting meeting.
Minutes of the monetary policy committee (MPC) confirmed that the governor bowed out with one last call for another £25bn of quantitative easing (QE), with colleagues Paul Fisher and David Miles joining him once more.Minutes of the monetary policy committee (MPC) confirmed that the governor bowed out with one last call for another £25bn of quantitative easing (QE), with colleagues Paul Fisher and David Miles joining him once more.
They believed the case to expand QE to £400bn remained "compelling" as recovery prospects were still only modest despite recent encouraging economic news, and warned about the risk of fresh turmoil in the eurozone, according to the minutes.They believed the case to expand QE to £400bn remained "compelling" as recovery prospects were still only modest despite recent encouraging economic news, and warned about the risk of fresh turmoil in the eurozone, according to the minutes.
But they remained outvoted six to three as the majority of the MPC opted to keep QE on hold at £375bn, arguing that the recovery was already taking hold following "striking" surveys from the construction, manufacturing and services sectors for May.But they remained outvoted six to three as the majority of the MPC opted to keep QE on hold at £375bn, arguing that the recovery was already taking hold following "striking" surveys from the construction, manufacturing and services sectors for May.
The meeting was King's 194th and capped 16 years of rate-setting at the Bank as he prepares to hand over the reins to his successor Mark Carney on 1 July.The meeting was King's 194th and capped 16 years of rate-setting at the Bank as he prepares to hand over the reins to his successor Mark Carney on 1 July.
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