Despite a determined pursuit of austerity measures to bring down its deficit, the U.K. is experiencing its highest unemployment level in 15 years coupled with a recovery that the National Economic and Social Research Institute called the “weakest of any since the end of the First World War.”
The unemployment rate jumped to 8.1% from 7.9% in the three-month period through August.
Against that background, Adam Posen, policymaker at the Bank of England (BoE), which raised its QE last week, as reported by AdvisorOne, said in a Bloomberg report Wednesday that the stimulus measure was the “right place” to begin and that more would be done if necessary. Posen has been advocating for additional stimulus since October of 2010. However, Chancellor of the Exchequer George Osborne has said that he will continue the tightest fiscal measures Britain has seen since World War II.