The Bank of England left its monetary policy unchanged on Thursday, judging that its July decision to expand purchases of government bonds is enough stimulus for now despite the danger of a prolonged slump.
Since the BoE’s Monetary Policy Committee met last month, official data has shown that Britain’s economy is in a much deeper recession than previously thought, with little sign of an imminent rebound, putting pressure on the country’s coalition government to do more to boost growth.
But after a two-day meeting that ended earlier on Thursday, the MPC made no change to its current program to buy 50 billion pounds of British government bonds, which will take its total purchases to 375 billion pounds by early November.
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