The economic outlook - speech by Charles Bean

In a speech delivered at the Council of Mortgage Lenders’ Mortgage Industry Conference & Exhibition in London, Charlie Bean – Deputy Governor for Monetary Policy and a member of the Monetary Policy Committee – explains why the MPC chose to re-start its Quantitative Easing (QE) programme and what it expects QE to achieve.
Published on 03 November 2011

Charlie Bean begins by providing the context for the MPC’s 6 October decision to extend QE. He notes the slowing of growth in the second half of 2011, and emphasises that it is a global phenomenon. He attributes it to two factors: the tension in financial and bank funding markets, heightened by the twin forces of the euro area banking and sovereign debt crises; and the rise in energy and other commodity prices during late 2010 and the first half of 2011.

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