Speaking at Fathom Consulting's Monetary Policy Forum, Gieve said he was "sceptical" over whether QE2 "would be anything like as effective" as the first round of QE.
"The winner in the currency wars so far has been sterling. The strongest argument for QE2 would be to hold that position in the face of others doing it," he added.
Julius told the Telegraph: "I would look around for a different form of QE than buying gilts."
Fed expected to kickstart $500bn QE
The Federal Reserve will today announce plans to stimulate the US economy, and is widely anticipated to use $500bn (£310bn) quantitative easing.
In response to poor annual growth rates of 2% from July to September and interest rates low to zero, the Fed will pump money into the economy by buying government bonds, the BBC reports.
In the first round of QE, the Fed put $1.75tn into the US economy.
Michael Feroli of JP Morgan Chase says: "We expect an intention to purchase $500bn of longer-dated Treasury securities over the next six months.
"In addition, we expect the statement will express a willingness - but not necessarily a bias - to further increase asset purchases if warranted by economic conditions."
Read more here: http://www.bbc.co.uk/news/business-11678022
Job forecast as reliable as ‘dead octopus' says Treasury member
The latest CIPD job losses forecast of 1.6m is as reliable as a ‘dead octopus', according to Treasury select committee member Michael Fallon.
Fallon made his comments as the CIPD's economic advisor John Philpott gave evidence on the spending review yesterday, dismissing Philpott's forecast as "nonsense".
"You are less reliable than a dead octopus," Fallon said according to the Telegraph.
"Actually, the octopus was pretty accurate while he was still alive," Mr Philpott said.
"Our analysis is based on a reading of the economy, what we know about the outlook for the public finances and what people who are employing people."
Categories: Economics / Markets
Topics: Bank of England
Prudential head of business development Vince Smith-Hughes discusses the consequences of pensions freedom and changes to death benefits