Spare UK Taxpayers Bill For QE Losses, Ex-BOE Deputy Says
- Charlie Bean urges government to consider tiering reserves
- QE on course to cost the state £80 billion, BOE figures show
Charlie Bean
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
The operation of the Bank of England’s quantitative easing program should be changed to save UK taxpayers billions of pounds, according to former Deputy Governor Charlie Bean.
A new, lower interest rate ought to be paid on a share of the £895 billion ($1.1 trillion) of commercial bank deposits created under QE much like the European Central Bank’s policy of “tiering” payments on reserves, Bean said in an interview with Bloomberg.