Credit cards abroad 'hit by GDP'
03 November 2009 11:29:18
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| BoE to decide on quantitative easing. |
Duncan Higgins, a senior analyst at Caxton FX, said that it is likely the Monetary Policy Committee (MPC) will vote to extend the programme when it meets on November 5th.
This in turn could put pressure on the value of sterling and bring the pound down, which may cause difficulties for people using their credit cards abroad.
Quantitative easing is the modern-day equivalent of printing money and was introduced by the Bank in March, as the committee slashed interest rates to a historic low of 0.5%.
The programme was extended in August and it is speculated that the MPC may again vote to extend the scheme this week.
"We are expecting that the MPC will vote for either a £25bn or £50bn extension on Thursday, either of which would confirm that the Bank still feels the economy is underperforming," Mr Higgins commented.
"This would further dampen demand for UK assets, sending the pound broadly lower, particularly as other central banks have given signals that they will soon begin tightening their respective monetary policies."
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