Bank of England looks to loosen policy further in coming months

A TOP policymaker yesterday said the Bank of England is prepared to “do all we can” to try to re-start economic growth.

But Ian McCafferty – the newest member of the Monetary Policy Committee (MPC) – added the Bank does not intend to deliberately weaken the pound as that would add even more to inflation.

“We at the Bank are standing ready, using our available policy instruments, to try and do all we can to support that move back into recovery,” Ian McCafferty told the Yorkshire Post.

“We now believe that the economy is set for a recovery over the course of the next year or so.”

But he added the recovery will “remain modest and slow.”