The FT has just reported Theresa May’s speech on her effective promotion to prime minister in which they report she said:
In a series of criticisms of George Osborne’s tenure at the Treasury, Mrs May said he had neglected productivity problems and suggesting that government-backed project bonds could be used to boost infrastructure.
That’s the foundation of People’s Quantitative Easing by another description by the sound of it.
Last September I asked what George Osborne would call this idea when he used it. He won’t but his successor will and wow we know: Project Bonds.
I can’t complain: I created the idea to be used. I think it will be.
PQE is the BoE creating money to buy the bonds. Project Bonds, what we know so far at least, are just a government guarantee on a bond issue. These are not the same thing.