The Bank’s unwinding of its money-printing programme has come under increasing scrutiny owing to estimates that it could cost the taxpayer up to £150bn.
The Telegraph revealed that Richard Tice, Reform’s deputy leader, wrote to the Bank last month, accusing Threadneedle Street of prioritising bank profits over the interests of working people.
Mr Tice said the unwinding of this programme, known as quantitative tightening (QT), was pushing up borrowing costs and piling pressure on the public finances.
Yes, that’s the point. To push up borrowing costs. QE was to push them down, QT to put them back up again.
How does the BOE’s current policy compare with its actions in the days leading up to the Truss/Kwarteng budget?
After all, it is politically independent isn’t it?
Yes, oh dear. Particularly when Tice fancies himself as Chancellor of the Exchequer.
If the MMT money printer called QE go brrrrrr, what sound does the money shredder called QT make?
“rrrrrb”
Which is something I might use, v good suggestion of yours….
Money shredder go burp
QT makes the same noise as a glacier does, because its so slow. They printed £400bn inside 2 year, but they won’t unwind it all until about 2040.