The U.K. economy probably has more spare capacity than the Bank of England’s main calculations show, policy maker David Miles said, highlighting a key area of divergence among officials.
Bank of England policy maker David Miles said that the U.K.’s economic recovery has faltered and the housing market is undergoing an “extraordinary period of adjustment.”
Bank of England policy maker David Miles said officials were right to loosen policy to aid an “anemic” economy and indicated he may be open to adding further to stimulus.
Bank of England official David Miles said policy makers will only use interest rates as a last resort to cool Britain’s housing market if it begins to overheat.
Bank of England policy maker David Miles said interest rates are not the best weapon against a buildup of risks in the housing market and should only be used when other tools have been exhausted.
"There is no great urgency in starting the process of moving monetary policy back towards a more normal setting."
- David Miles on Dec 21, 2014