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Wednesday, April 7, 2010 as of 11:14 AM ET

Rate Cut

IMF Says Britain Needs Further Monetary Easing

The International Monetary Fund on Tuesday called on the Bank of England to further ease monetary policy in an attempt to close the gap between actual and potential economic growth.

In an annual review of the British economy, IMF staff said easing could be delivered via further quantitative easing and possibly cutting the policy rate, which stands at a record low 0.5%. "With the yield curve now essentially flat at the policy rate out to 3-year maturities, a rate cut is likely to reduce yields nearly one-for-one well out into the curve, increasing its stimulative impact," the IMF said. If growth doesn't gain momentum, the government should reconsider its planned fiscal adjustment, the IMF said. Risks to the U.K. economy "are large and clearly tilted to the downside," the report said, warning that the euro-zone debt crisis poses the biggest threat to Britain's economic prospects and financial stability.Copyright © 2012 MarketWatch, Inc....

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