King details vision for quantitative easing

The Bank of England expects to spend the first £75 billion ($110.5 billion) tranche set aside for quantitative easing, within the next three months, Mervyn King, the governor of the Bank, said on Tuesday.

King told the Treasury Select Committee, an influential group of British lawmakers: "We will aim to do £75 billion-worth of purchases within three months. We can't be more precise because the effect of the credit easing is hard to see."

King said that the £75 billion figure was chosen

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