BoE chief economist says QE impact will vary, but not diminish, over time

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The Bank of England's chief economist today rejected the suggestion that quantitative easing (QE) in the UK will suffer from diminishing marginal returns, but accepted that its impact will vary over time.

Spencer Dale, speaking at the Royal Economic Society's annual conference, argued there was "no economic reason" to think the effects of the BoE's asset purchases will have a weaker effect as the size of the programme grows.

Dale's comments contrast with those of Kevin Daly, Goldman Sachs' chief

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