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David Miles

Bank of England shies away from more stimulus as economy picks up

The minority of Bank of England policymakers who had previously seen a strong case for more stimulus backed away from that view in September amid signs of more robust growth, policy minutes showed on Wednesday.The minutes of the nine-member Monetary Policy Committee showed unanimous support to keep interest rates on hold at 0.5 percent and maintain the 375 billion pound stock of bond purchases, as in previous months.But in contrast to July and August's meetings, no members saw a compelling case for more stimulus, following August's commitment to keep rates steady at least until unemployment falls to 7 percent, subject to inflation staying under control."Over the month the evidence was consistent with a recovery at least as strong as that expected at the time of the August Inflation Report," the minutes said."Were the recovery to falter, the case for further asset purchases would be stronger. But no member judged that further stimulus was appropriate at present."MPC members Paul Fisher ...

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