Did you know that every UK citizen could have received £6834 if the money created by the Bank of England under QE programme had gone to people, instead of financial markets? Or if just £10bn were created and spent on the construction of affordable housing, it could boost GDP by up to £28bn?
On Thursday 3rd November 2016 Positive Money supporters gathered at the Bank of England and sent a clear message to the people who decide the UK’s monetary policy, as they made their way into their monthly meeting:
In response to potential economic uncertainties arising from the recent Brexit vote, the Bank of England announced it would be expanding its Quantitative Easing (QE) programme. Over the next 6 months it will be pumping an extra £70bn of new money into financial markets – bringing QE to a total £445bn.
The Government and Bank of England have launched a major programme that is making the rich richer and unfairly benefiting tax-dodging corporations. They are trying to grow the economy by creating £70bn of new money and pumping it into financial markets. But we know this will: