Commenting ahead of the MPC decision tomorrow (Thursday), David Kern, Chief Economist at the British Chambers of Commerce (BCC), said: “The financial markets widely expect the MPC to raise Quantitative Easing (QE) by £50bn at its meeting tomorrow. Though many of the benefits of QE feel intangible on the ground, it remains a critical bulwark for the UK financial system and the wider economy. An increase in QE is necessary, as the challenges facing the UKeconomy and the ongoing problems in the eurozone highlight the need to sustain confidence.

“But QE must be supplemented by other policies to boost growth.As well as an aggressive deregulatory programme, a package of effective credit-easing measures or the creation of an SME bank would help to improve the flow of credit to viable firms. In his March Budget, we will be looking to the Chancellor to announce further measures to help businesses fight stagnation and deliver growth and jobs.”

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