In June last year, we published a paper on the Bank of England’s Quantitative Easing Programme. In our report we showed that the program as implemented benefited the wealthy and harmed the less wealthy. We called for a review of the appropriate nature and limits of Central Bank independence without political accountability given the large social and economic impacts of monetary policy.
Mark Garnier MP, a member of the House of Commons Treasury Select Committee was on the panel at the launch of our paper. We further circulated the paper to all members of the Select Committee and some got back to us for further discussions.
We are now delighted to see that that in December the Treasury Select Committee launched an inquiry into the “Effectiveness and impact of post-2008 UK monetary policy.” This is the political debate that we intended to stimulate with our paper.
Radix will be submitting evidence to the inquiry based on our original published paper.