According to new data from the Bank of England, consumer borrowing increased by its fastest rate for more than a decade in the run-up to the festive period, reaching levels not seen since the peak of the financial crisis. Consumer debt rose by 10.8 percent in total during the past 12 months – with credit card borrowing hitting a record high.
Positive Money is putting monetary policy on the political agenda. This was in evidence at the political party conferences this year, where we brought together all-star panels in packed-out rooms to talk about the need for a new form of monetary policy.
The Bank of England’s quantitative easing programme risks prompting a catastrophic loss of public trust in how the UK economy is managed, Positive Money warns. The campaign group’s director said that the public will “rapidly run out of patience”, as QE drives up inequality and effectively provides a subsidy to foreign-owned corporations.
Fran Boait, Executive Director of Positive Money, commented on the Bank of England's latest announcement that it will cut interest rates and restart its quantitative easing programme. She said,