The Bank of England has voted to keep interest rates at 0.25% today. Currently, the policies of low rates and quantitative easing are designed to keep households and businesses borrowing.
Amber Rudd, who stood in for Theresa May on the BBC debate on 31st May had a new line of attack for Jeremy Corbyn, accusing him of believing in a ‘magic money tree.’ She told the audience, ‘there is no magic money tree’.
Summary Ann Pettifor’s new book, The Production of Money, is an excellent contribution to the growing body of thought exposing mainstream, neoclassical economics’ poor understanding of money, banking, and finance, and how its thinking has led to a financial system that we serve, rather than one that serves us.
When the Chancellor took office, he pledged to “reset” economic policy. And the Prime Minister, recognising the effects of the Bank of England’s policies on inequality, promised to bring about a “change”.