Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
The Bank of England yesterday risked accusations that it was failing to do enough to jump-start the ailing economy as it declined to resume its monetary stimulus programme.
The rate-setting Monetary Policy Committee (MPC) voted against increasing the size of the Bank's £325bn asset purchase scheme, known as quantitative easing, despite the economy falling into its first double-dip recession since the 1970s.
"It's a little bit disappointing," said Philip Shaw of Investec. "The MPC must either be feeling more optimistic over the economy than most observers, or be seriously concerned that inflation will remain above target in the medium term."
Last month the Office for National Statistics estimated that the economy shrank by 0.2 per cent in the first quarter of this year, following a contraction of 0.3 per cent in the final three months of 2011. The MPC, in the minutes of its most recent meeting, said the economy was probably experiencing a healthier level of underlying growth than the official figures have been showing.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments