UK monetary easing could be pointless, says HSBC

Mark Carney
Mark Carney "will have his work cut out"

The chief UK economist at HSBC claims the UK economy is running far closer to capacity than is generally believed – meaning further monetary expansion risks distorting the economy "for little real gain". He also says the UK would lose its AAA credit rating in 2013.

Simon Wells, chief UK economist at the London-headquartered bank, says HSBC adopted a view that "the UK was overheating more than previously thought in 2007 and, by extension, is operating closer to capacity now". He adds: "This means

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