6/9, 9:16 AM (Source: TeleTrader)
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BoE's Haldane warns of dependence on 'monetary medicine'

Bank of England's (BoE) Chief Economist and member of its Monetary Policy Committee (MPC) Andy Haldane praised on Wednesday the state of the economy in the United Kingdom, describing it as "going gangbusters." On the other hand, he went on to warn that overreliance on "monetary medicine" is a landmine that the BoE needs to sidestep.

Speaking to the LBC radio, Haldane announced that the BoE could soon start "tightening the tap" on quantitative easing, and ultimately "start to turn it around," as the monetary measures are not meant to last forever.

Back in May, Haldane was the only member of the BoE's MPC who voted against keeping the bond-buying stimulus scheme unchanged. After June's meeting, Haldane will leave his positions within the central bank.

Breaking the News / BU