David Miles, a policy maker with the Bank of England has said that the government officials have been right to put the economy on expansionary setting in their efforts to tackle the global economic slowdown.

He said that it was the right decision to aid the country's economy and pointed out that h would back even further spending to boost the economic growth. Miles said in a speech in Edinburgh that the banking system of most western advanced economies remains damaged.

"Monetary policy in the U. K. has been set to its most expansionary setting in history, and I believe it is right that it is still being moved further in that direction," said Miles.

He said that an urgent return to a normal monetary policy from the current loose monetary policy is not imminent and he is open to further stimulus if required by the economy. Miles have been supportive of the spending and backed the bonds buying plans by the central bank of the country.

Meanwhile, Bank of England Chief Economist Spencer Dale had said that there are risks associated with prolonged period of loose policy. He was among the two officials at the BoE, who were opposing the increase in bond-purchase target by 50 billion pounds earlier in July this year.