By Claire West

Commenting on the Bank of England's decision to leave interest rates and quantitative easing unchanged, IoD Chief Economist Graeme Leach said:

“The Bank of England has held fire for another month but we think the quantitative easing gun is about to be re-loaded and the order to shoot given.

Whilst above target inflation has stopped the MPC pulling the trigger on a further extension in QE this month, the economic threat from weak money supply growth looms ever larger.”