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UK Debts hit £1trillion MPC confirm that the BOE are ready to pump cash into the Economy.

As conventional monetary policies are no longer effective, the Monetary Policy Committee (MPC) have unanimously voted in favour of extending the quantitative easing scheme (QE). Injecting more money into the UK economy seem the only way to stimulate growth and lead the way for the UK to decrease the £1trillion deficit There were no calls for the interest rate to be altered from 0.5 per cent which offers hope to lenders.

Quantitative easing (QE) is an unconventional monetary policy used by central banks to stimulate the national economy. Lowering and rising interest of interest rates is the conventional method, but in such an extreme time, these methods are not having the desired effect; the only way the MPC see the economy regaining ground is to pour more money into the economy in turn, the banks can more easily lend to individuals and businesses.

 This method of QE still leaves a dark cloud over the UK economy and there continues to be substantial risks such as inflation. As the UK debit hits a record £1trillion what other options do they have. It will be some time before it is known how strongly the UK economy will recover, if at all.

Mervyn King, governor of the Bank of England assured that if growth is stalled, the QE would be extended to prevent the UK falling into a double-dip recession and to stimulate substantial growth. 

Sir Mervyn also stated that families are feeling the squeeze on their spending power as households are suffering the longest period in which real wages have failed to rise since the 20's. He reiterated that, “With inflation falling back and wage growth subdued, there is scope for interest rates to remain low and, if necessary, for further asset purchases.”

It's not just the UK who are racking up huge debts, yesterday the International Monetary Fund (IMF) said the world economy has fallen ‘deeply into the danger zone’ due to risks from the debt-ridden eurozone.

The IMF has reduced its forecast for UK growth to 0.6 per cent from 1.6 per cent for this year, along with Germany and France, the bigger economies in Europe are failing to stay afloat in such troubling times. IMF managing director Christine Lagarde said countries in the Eurozone will fare worse than the UK this year, even falling back into a mild recession.

Things aren't all doom and gloom in the UK. The IMF predicts that Britain will be the best-performing economy in Europe over the next two years as nations such as France and Germany pay the price for their membership of the stricken euro.






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