BoE ready to restart asset buys if needed - Bean

LONDON Fri Aug 23, 2013 5:23pm BST

The Bank of England is seen in the City of London August 7, 2013. REUTERS/Toby Melville

The Bank of England is seen in the City of London August 7, 2013.

Credit: Reuters/Toby Melville

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LONDON (Reuters) - Britain's central bank stands ready to restart asset purchases if the need arises, which is not the case at present, Bank of England deputy governor Charlie Bean said on Friday.

"We've said that we'd be willing to start repurchasing again if economic conditions dictated so. So if we saw a slowdown in the euro zone or something like that, we might feel that we need to restart purchases, but at the moment we are not," he told CNBC television.

The BoE completed its last round of gilt purchases late last year and the need for another injection of cash into the economy has faded this year as Britain has returned to growth.

Britain's gross domestic product grew 0.7 percent in the second quarter, building on a 0.3 percent increase in the first, and Bean said survey data pointed to a continuing recovery in the second half of the year.

(Reporting by Christina Fincher and Olesya Dmitracova)

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Comments (1)
pavlaki wrote:
A totally predictable comment – as soon as the pound firms up a bit the bank talks it down again. Eventually the currency markets are going to ignore this ploy and concentrate on fundamentals. Don’t cry wolf too often or too predictably.

Aug 23, 2013 9:36pm BST  --  Report as abuse
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