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Yorkshire experts in warning to Bank over money printing
The Bank of England is facing tough decisions in the current economic climate.
FURTHER quantitative easing by the Bank of England is unlikely to solve the broader problems of the UK economy and corporate gloom, according to a panel of Yorkshire’s economic experts.
The Shadow Monetary Policy Committee (MPC) unanimously voted against buying more Government debt with freshly printed money yesterday.
Jonathan Oxley, managing partner at Lee & Priestley who chaired the event in Leeds in association with the Yorkshire Post, said: “Reasons for it not to happen include lack of confidence and equity and export markets collapsing in a heap.”
David Scott, senior stockbroker at Redmayne Bentley, added: “Quantitative easing is not the ‘get out of jail free’ card that everyone thinks it is.”
Speculation that the Bank of England would carry out a third round of quantitative easing resurfaced last month after stock markets tumbled and the last two officials to urge higher rates on the bank’s Monetary Policy Committee backed keeping rates on hold.
Mark Stuart, political columnist and biographer, yesterday described the retail sector as “dire” but Judith Donovan, chairman of DIY Direct Marketing, said most companies in the mail sector had had a “pretty good” year.
Paul Stephens, chief officer for economic development at Leeds City Council, said: “Given that we can’t control the macro things, focusing on a niche is what the strategy should be for businesses in Leeds and the nation.”
The Shadow MPC called on the Government to scrap its two per cent inflation target as committee members voted to retain interest rates at their current level.
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Saturday 26 May 2012
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