Treasury Committee launches inquiry into Bank of England: Positive Money response

Sara Hall, Co-Executive Director at Positive Money, said:

“The failure of monetary policy has been well-illustrated over the past 15 years: as well as being unable to stimulate demand to meet the Bank of England’s objectives without driving a huge increase in wealth inequality in the 2010s, the Bank’s toolkit has also proved impotent in combating post-pandemic inflation.

“That’s why we thoroughly welcome the Treasury Committee’s inquiry into the Bank of England’s remit; a review of the Bank’s responsibilities and available policies is long-overdue. At a time when its independence is under threat, it’s more important than ever that the Bank shows itself to be accountable to the public.”

Notes:

• For more information or to speak to a spokesperson, please contact Chloe Musto at press@positivemoney.org.uk

• The Treasury Committee’s announcement can be found here: https://committees.parliament.uk/committee/158/treasury-committee/news/217971/is-the-framework-for-bank-of-england-independence-still-fit-for-purpose-30-years-on-mps-launch-new-inquiry/ 

About Positive Money:

Positive Money is an international research and campaign organisation working to redesign our economic system for social justice and a liveable planet. 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 supporters. Find out more: www.positivemoney.org 

ENDS