New research, published today by the Progressive Economy Forum, shows that the widely- reported £50bn “hole” in the public finances, is the result of government accountancy rules and highly uncertain forecasts, not tax or spending decisions. Using official forecasts from the Office for Budget Responsibility, economists Dr Jo Michell and Dr Rob Calvert Jump show […]
The Dangerous Fiction of the “Fiscal Black Hole” Read More »
Since QE was introduced in 2009, it has saved the government over £110bn in interest payments. This is a non-trivial sum, equivalent to nearly 2% of total tax revenue since QE started. For comparison, total NHS spending in 2019/20 was about £150bn. Without QE, the national debt would be at least 5% higher. The effect
Without Quantitative Easing the national debt would be more than £100bn higher Read More »
Professor Jan Toporowski and Dr Jo Michell introduce their new paper for PEF, examining the scope and operations of the Bank of England’s monetary policy.
Can the Bank of England do it? Read More »
