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Osborne agrees to Bank of England request to print more money

By Tim Montgomerie
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The Bank of England has announced that it will embark on another round of "quantitative easing" after receiving permission from the Chancellor in this letter (PDF). Guido Fawkes reminds us of what George Osborne said, in 2009, when the Bank first printed money, when Labour was in office (my emphasis):

"I don’t think anyone should be pleased that we have reached this point. It is an admission of failure and carries considerable risk. Let us hope that this approach taken by the Bank of England does lead to an easing of credit conditions. This is a leap in the dark and we will see whether it works.”

Ros Altman of SAGA has said the latest round of QE is a "titantic disaster" for pensioners and savers. I don't know but am inclined to agree with Allister Heath that QE is NOT the real solution to the UK economy's ills.

3.15pm: The Adam Smith Institute's Tom Clougherty on how QE is only delaying the inevitable...


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