In the meantime a wise Chancellir woukd anticipate that by getting an on the ground investment programme rolling. Billions of existing QE funding will require to be rolled over this year. Rather than simply put these sums back into the financial markets I would be putting them into being the pump priming capital of a new National Investment Bank.
So, at a time when Ritchie thinks we might want to lower interest rates (ie, he next crisis) he’s going to raise them by reversing the amount of QE we already have.
That reversal being what Ritchie said we would never have because QE will be permanent of course.
He just doesn’t get this, does he?