When running for the Labour leadership, Jeremy Corbyn wanted a “people’s quantitative easing” to boost the economy. Mr Haldane’s defence is that the public has yet to grasp how much worse the crisis would have been without QE. The result was that the injection of money caused a stock-market boom in the financial economy, but on the real economy – the target of the policy – it had little effect. This could have been achieved by a redistributive, expansionary fiscal policy which ministers were ideologically resistant to. These are dream figures: UK growth is expected to be 1.5% this year.

Source: The Guardian April 15, 2018 17:37 UTC