Nice to see Merve’s got his happy head on…….
Time to go get that deckchair out matey. Spend some quality time lounging in the garden. Think I’ll join ya.
- Without QE, UK money supply would have contracted, taken UK economy into bad territory
- If we saw signs of QE feeding through into inflation, would be time to make sharp change to monetary policy
- Very difficult policy decision to be made later about when to start tightening policy, judgement for my successor
