Miles Says Bank of England Can Do More If U.K. Slump Persists

Bank of England policy maker David Miles said there is more the central bank can do to boost growth if the recessionary conditions gripping the U.K. economy persist.

“We may need more stimulus,” he said in an interview with Sky News television yesterday. “That will depend on how the headwinds holding back growth play out.” The bank’s Funding for Lending Scheme “will have some positive impact as we go into next year, but if it turns out that not enough has been done, that the economy’s going to stay in a recessionary state and that’s going to drive inflation down, there is more we can do. We have not run out of ammunition,” he said.