Ian McCafferty, former economist at the Confederation of British Industry and newest member of the Monetary Policy Committee, has laid bare some of the differences on that body. The good news is that he articulates the growing scepticism on QE that distinguishes the Bank of England from its counterparts elsewhere. In part, this is due to the poor inflation record of the Bank: impoverishing many with its lax monetary policy.
But with good news comes bad news. Economist have lost none of their confidence in viewing human behaviour via a mechanistic prism. Identify a "problem" and you could set up a specific solution to "solve" it. Is this not the Brownite tinkering that we have seen throughout all parts of government? One must hope that minor tinkering can be borne if the Committee concludes that QE has run its course. I suspect that many members remain to be convinced.