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Bank of England raises interest rates: Positive Money response

by Simon Youel

Responding to the Bank of England’s decision to raise interest rates to 0.75%, Fran Boait, executive director of Positive Money said:

“With little evidence of domestic inflationary pressure, the Bank of England has today taken an unnecessary risk in raising interest rates while the economy remains weak.

“Though the Bank of England does need to be doing more to curb credit bubbles and asset price inflation, small interest rate hikes are the wrong tool at this time. The worrying state of household finances and the structural weakness of the economy will have to be fixed first, before the Bank has room to meaningfully tighten monetary policy.

“To offset the risks of rising rates, the Bank of England needs new policy tools which would boost the productive economy and allow households to pay down debts, such as overt monetary financing, or ‘QE for People’.”

About Positive Money

Positive Money campaigns for a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters.

Bank of England & QE, Economic Analysis, Theory, In the News, Poverty, Debt and Inequality, Press releases, Public Money Creation, QE for people / Helicopter money Bank of England, Consumer Debt, Debt, inflation report, Interest rates, monetary policy, monetary policy committee, press release, Public Money Creation, QE for People

Simon Youel

Policy and Media Officer, Positive Money

Simon works on Positive Money’s influencing programme, focusing on media engagement and policy research.

Before joining Positive Money, Simon handled media outreach for a number of technology companies and campaigns, and worked in a variety of roles in local government. He has a Masters in History from the University of Manchester, for which he specialised in the financialisation of the British economy.

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