Ex-BOE Official Tucker Suggests Cutting Payouts on Bank Deposits
- Paul Tucker says UK could save £37 bln by slashing QE interest
- Ex-BOE Deputy Governor writes chapter for IFS Green Budget
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The UK could save £37 billion ($42 billion) a year for the next two years by changing the way the Bank of England’s money-printing program works, according to a former deputy governor of the central bank.
Writing for the Institute for Fiscal Studies, Paul Tucker argues that the government should consider reducing the interest paid on some deposits held by commercial lenders at the BOE.