Bank of England Monetary Policy Committee member David Miles said that the central bank's monetary policy has helped prevent further deterioration of the UK's economic situation.
"Monetary policy cannot solve all our problems. But it has helped prevent a much worse economic situation," Miles wrote in an op-ed in the Daily Mail newspaper.
"It can encourage recovery and lessen the consequences of a much sharper economic rebalancing," he noted.
Defending the central bank's quantitative easing programs, Miles said though annuity rates have fallen by around one percentage point since asset purchases started in March 2009, it is not right to assess the impact of QE by just focusing on the cost of annuities.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.