August 23, 2013 / 4:24 PM / 4 years ago

BoE ready to restart asset buys if needed - Bean

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.

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

“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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below