On Wednesday 17th August we launched a new campaign calling for an end to quantitative easing in favour of alternative monetary stimulus measures.
"We have an economy that relies on house prices getting higher and higher whilst wages have been stagnating and savings depleted. One of the reasons for this is monetary policy that results in maintaining asset price bubbles including housing."
"The Bank of England is relying on the same failed policies that we've seen in the last seven years - low interest rates and quantitative easing - which can only work by encouraging more private sector borrowing. But given that businesses and households are expected to cut spending due to the economic uncertainty, it's quite unlikely that they are going to borrow and get into even more debt."
The Bank of England has cut interest rates and announced more Quantitative Easing to avoid a post-Brexit economic slowdown. Will it bring the intended results?
35 leading economists sent an open letter to Philip Hammond asking that he supports a new form of monetary policy. Responding to concerns expressed by the Prime Minister that low rates and quantitative easing have disproportionately benefited the wealthy, the letter argues that new monetary policy tools could stimulate the economy without contributing to inequality.