The Bank of England Overrules King’s Effort to Ramp Up QE

“Bank of England Governor Mervyn King was overruled for the first time since 2009 as he joined a push to expand stimulus that’s gaining momentum amid rising jobless claims and growing risks from Europe’s debt crisis.

The Monetary Policy Committee voted 5-4 to keep its bond- purchase target at 325 billion pounds ($511 billion) this month. That defeated votes by King, Adam Posen and David Miles for a 50 billion-pound expansion, and Paul Fisher’s bid for 25 billion pounds. A separate report showed jobless-benefit claims climbed climbed 8,100 in May from the previous month to 1.6 million, the Office for National Statistics said.”

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