Mervyn King, governor of the Bank of England, is expected to oversee another three-way split on the central bank's Monetary Policy Committee. Economists expect the committee to maintain a 0.5% benchmark interest rate as well as a £200 billion bond-purchase program. "They're going to sit in an uneasy truce," said Michael Saunders, Citigroup's chief economist for Western Europe. "Even though things are going to slow down, that won't be enough to tip their hand for more stimulus. The next move will be a gradual tightening, starting in late 2011."

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