LONDON, June 25 A "substantial" amount of
quantitative easing by the Bank of England is needed to
kick-start Britain's "stalled" economy, BoE policymaker David
Miles said in an interview with the Financial Times.
Miles, who voted in favour of a third round of monetary
stimulus at the BoE's policy meeting in June, reiterated his
support for a cash injection of at least 50 billion pounds
"Do we need a more expansionary monetary policy? 'Yes'.
Should it be a substantial change in asset purchases? 'Yes'. Is
50 billion pounds a substantial number? 'Yes it is'. Could one
know in advance what is exactly the right amount to do?
'Absolutely not'," Miles was quoted as saying by the FT's
website on Monday.
His counterpart Martin Weale, who voted with the 5-4
majority at the BoE's Monetary Policy Committee meeting, said
last week that further monetary stimulus could be applied to the
economy without putting the inflation target at risk.
Britain has fallen into its second recession in four years,
and is in danger of a longer slump as the euro zone searches for
a path leading to growth.
Miles said, however, that he "can't see any reason for
thinking that" Britain's recovery has been curtailed by the
government's austerity measures, aimed at reducing the budget