Santander highlights positive economic picture after MPC decision

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Santander highlights positive economic picture after MPC decision

After the Bank of England's Monetary Policy Committee (MPC) announced that it is keeping the base rate at 0.5 per cent, Santander has pointed out that there are some indicators to suggest that the economic picture is improving.

Barry Naisbitt, chief economist at Santander UK, noted that the gross domestic product growth for the final quarter of 2009 was revised up from 0.1 per cent to 0.4 per cent and the economy has continued to grow in 2010.

He suggested that the MPC is monitoring inflation and output figures in the UK closely in deciding how to progress with its quantitative easing strategy, which has been held at £200 billion.

"Some recent indicators, particularly survey indicators of output, are showing a more positive picture of economic activity," remarked Mr Naisbitt.

In his view, the Inflation Report will offer the public and commentators a clearer picture of how the economy could develop in the near future.

The main points of the MPC meeting were revealed yesterday (May 10th), but the Bank announced that the minutes will not be available until 09:30 BST on Wednesday May 19th.

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