The British economy needs at least another GBP 50 billion cash injection to kick-start recovery, Bank of England policymaker David Miles said in an interview to the Financial Times.
Only a "substantial" third round of emergency bond-buying will kick-start recovery of Britain's "stalled" economy, Miles told FT.
Asked if public spending cuts to reduce the budget deficit were to blame for the economy's poor performance, Miles said "I can't see any reason for thinking that."
However, he said a higher-than-expected commodity prices, which pushed up inflation and eroded household incomes, was one of the key reasons behind poor growth figures.
Bank of England policymakers retained the size of quantitative easing at GBP 325 billion earlier this month as demand for more stimulus by Miles, Governor Mervyn King, Paul Fisher and Adam Posen was overturned by a majority.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.