11:40CET
Bank of England’s Miles says: *very uncertain about where growth and inflation expectations are in the UK*It’s healthy that MPC members disagree on interest rate policy
*QE remains a potentially powerful tool
*May yet come to use QE
*Not obvious what the next direction of monetary policy is
*Risks both from tightening policy too soon and leaving it loose too long
*Not seeing signs of a “normal upswing” from lending, wage or confidence data
*Were we facing normal recovery, time to remove monetary stimulus would have come
*Supply of credit to businesses and households remains “seriously affected”
*Recent turmoil has raised risk of inflation being appreciably above or below target
*Higher bank capital will make job of monetary policy easier but changes will take time
Posted via email from MT4
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