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Bank of England refuses to reveal money supply figures

The Bank of England monetary policy committee has held the bank rate at 0.5 per cent and will push ahead with its quantitative easing programme.

The MPC used its new powers last week to confirm that it will continue with its £75bn asset allocation programme. It has so far created £26bn to buy up gilts and will spend the remaining £49bn over the next two months.

New Star economist Simon Ward filed a freedom of information request for monthly broad money figures, which is the measure of the money supply in the economy. The request was refused because the BoE deemed the information to be confidential and “not sufficiently robust for disclosure”.

Ward says: “The initial plans look sensible but the Bank of England is making it more difficult for outside observers to make a judgment on this issue by refusing to publish its monthly estimates of the adjusted broad money supply.”

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