Bank of England
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UK economy 'nowhere near lift off'

On Wednesday 20 February it emerged that three of the Bank of England's nine rate-setters, including governor Sir Mervyn King, voted earlier this month for more stimulus to kick-start the UK economy.

That means more quantitative easing, (QE).

The rest voted for a hold and none for a tighter policy, despite forecasts inflation will remain above target in the medium term.

The pound continued its downward trend on the back of the news and sunk to a 31 month low against the dollar and a 15- month low against the euro.

Richard Lambert, formerly of the Bank of England's Monetary Policy Committee, told Today business Dominic Laurie that Mervin King is sending the signal that "we need to do more".

First broadcast on BBC Radio 4's Today programme on Thursday 21 February 2013.