No more need for QE says Carney

More than £375 billion has been pumped into the UK economy through QE measures over the last few years

The new Bank of England Governor, Mark Carney, has revealed that there are no plans for more quantitative easing (QE) in the near future due to an improving economic picture.

In an interview with the Yorkshire Post, Carney stated how he felt that the improving economic recovery, in his personal view, didn’t require any further QE measures.

Carney, who took over from Mervyn King as Bank of England Governor in the summer, said: “The advanced economies as a whole are doing a bit better. That’s going to help the UK as a whole. These are more traditional export markets so that matters”.

He continued: “Within the UK, we are probably leading the pack of the major advanced economies as we speak right now. But of course we had the deepest recession so we are coming back from that.”

The focus would now be on getting more people back into work and increasing wages, Carney concluded.

In response to Carney’s comments, the pound was boosted against the dollar, hitting a high of $1.6121 before dropping a little back to $1.6098.