Quantitative easing, the policy tool deployed across the Group of Seven to stimulate economies through the financial crisis and pandemic, is rapidly falling out of favor in Britain. From politicians to economists and a former Bank of England governor, many are cooling rapidly on the merits of the tool as its cost to taxpayers and
Quantitative easing, the policy tool deployed across the Group of Seven to stimulate economies through the financial crisis and pandemic, is rapidly falling out of favor in Britain.
“Quantitative easing played a very successful role in stopping panics where people were turning to cash,” Charles Goodhart, a former BOE rate-setter, said. “What it wasn’t ever really was a useful tool for dealing with low inflation, and since we’re not going to have low inflation, it’s not going to be used for that ever again. But it could still be used for panics and people rushing into cash.”
The BOE, ECB and Fed are now unwinding their QE purchases, but the UK central bank is being the most aggressive in reversing the process. Former BOE Governor Mervyn King and Conservative members of Parliaments blame the BOE for stoking double-digit inflation through excessive QE purchases that only finished in late 2021.
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