More quantitative easing.
Today, the Bank of England announced that it will print a further £50 billion, bringing their total of newly minted funny money to £375 billion.
It is not as if that last tranche of newly minted money made much difference. As the Bank of England's press release pointed out; the economy is in a bad way.
UK output has barely grown for a year and a half and is estimated to have fallen in both of the past two quarters. The pace of expansion in most of the United Kingdom’s main export markets also appears to have slowed. Business indicators point to a continuation of that weakness in the near term, both at home and abroad. In spite of the progress made at the latest European Council, concerns remain about the indebtedness and competitiveness of several euro-area economies, and that is weighing on confidence here. The correspondingly weaker outlook for UK output growth means that the margin of economic slack is likely to be greater and more persistent.
When confronted with this appalling list of dismal economic indicators, one might think it was time for a change in policies. Not so. It will be more of the same.