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MPC member Martin Weale shifts stance to back stimulus call

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One of the UK's top monetary policymakers has indicated he has changed his mind after a series of negative business surveys and now favours an immediate stimulus for the UK economy.

The new stance of Martin Weale, an independent member of the Bank of England's Monetary Policy Committee, all but guarantees that the central bank will announce a package of stimulus measures to fight a post-referendum downturn at its August 4 meeting. One of the nine committee members voted last month to cut rates and three have now said they are minded to do so.

In an interview with the Financial Times, Mr Weale also made it clear monetary policy would not boost the economy straight away, so any action would not save the UK from a recession if growth is beginning to shrink.

Only a week ago, Mr Weale gave a speech urging the BoE to wait "for firmer evidence" before cutting rates or expanding its quantitative easing programme to encourage spending.

CNBC


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