Bank of England Policy Maker Ben Broadbent said officials can implement more targeted tools alongside quantitative easing to fix Britain’s economy, and that the banking system is in need of further repair.
The Funding for Lending Scheme “is an example of such a policy and I think it has helped,” he said in an interview in his office in London yesterday. “We will continue to think about other ways of helping the financial system to improve. I hope we’ve always had an open mind about this.”
Broadbent was speaking the day after the Bank of England said the economy was facing a “slow and sustained recovery” amid continuing downside risks from the euro region. He said that while quantitative easing remains an effective tool, policy makers could take further action to address continuing strains in the financial sector.
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