With this week’s budget, the Chancellor doubled down on a failed economic model. The government will continue cutting spending into the next parliament, and earlier this week, it was revealed that the Treasury has asked most departments to find an extra 6% of savings.
Do you know how money is created and gets into the economy?
The European Central Bank should retool its asset-purchase programme to fund a wave of new infrastructure spending across the continent, according to one of the world’s most powerful bond managers, reads Financial Times, 7th Dec 2016.
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”.
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?