Shadow Monetary Policy Committee votes to continue with quantitative easing but calls for publication of an explicit exit strategy as soon as possible.
The SMPC vote...
At its latest meeting, held at the Institute of Economic Affairs (IEA) on Tuesday 21st April the IEAs Shadow Monetary Policy Committee (SMPC), a group of leading monetary economists that monitors developments in UK monetary policy, unanimously voted to hold Britains Bank Rate at its current level of 0.5%.
In addition to wanting to hold in May, seven out of nine members also had no immediate bias to change Bank Rate in the immediate future. This was partly because there seemed to be little case for an imminent increase - as long as international and domestic economic activity were as weak as they were - but also because most member