UK may need more QE, warns Bank of England's Adam Posen as he steps down from the MPC Known as an arch dove, in favour of looser monetary policy, Mr Posen had repeatedly called for more quantitative easing (QE) until he unexpectedly voted against an extension to the £325bn programme in April. Mr Posen said he now thinks that the weakness of the economy reflected in official data may be genuine. Previously he believed the underlying economy was in better shape than suggested by the Office for National Statistics, which last month revealed Britain fell back into recession in the first quarter. He also admitted he got his short-term inflation forecasts wrong, having expected it to fall faster than it has. Mr Posen will become President of the Peterson Institute for International Economics in Washington when he leaves the MPC. George Osborne, the Chancellor, said: "I am sorry that he will be leaving the MPC but understand his reasons for doing so." The Treasury said it would advertise the vacancy for a new external MPC member - which attracts a salary of £101,362 plus 30pc in lieu of pension - "as soon as possible."