The UK economic recovery would represent a sawtooth with manyups and downs, and there was no immediate prospect of the Bank of England withdrawing the money it had pumped into the economy, the newest member of the Bank’s monetary policy committee said on Tuesday.

Giving evidence to the Treasury select committee Adam Posen, an outspoken US academic who will start work at the MPC in August, insisted “much too much is being made of this so-called pause” in the Bank’s £125bn quantitative easing programme designed to pump money into the economy, predominantly by buying government bonds.