Bank's Weale says that unwinding QE is some way in the future

Speaking at May's Inflation Report, economist and monetary policy committee member Dr Martin Weale has said that the unwinding of quantitative easing is some way in the future, and that it is expected to occur at a "trickle pace".

Sir Mervyn King added that governments had not done enough to support growth, and that there has "never been a better time to put in place supply-side changes" and that he is very disappointed by the failure of the world to put in place policies to return to normal levels of interest rates.

King said that the BIS report shows that there is still an enormous amount of debt out there and that the Eurozone "still remains a tremendous problem".