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Why Nigel Farage Wants to Overhaul the Bank of England #shorts
Posted
June 13, 2024
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1:00Now PlayingBritain’s insurgent right-wing party Reform UK wants to overhaul the Bank of England’s money printing program to save billions of pounds for manifesto pledges.
Nigel Farage, leader of Reform who is standing to be MP for Clacton, said he would save £35 billion ($45 billion) by scrapping interest on central bank reserves, created as part of the BOE’s £895 billion quantitative easing operation to prop up the economy between 2009 and 2021.
The bank is now winding down the program, a process known as quantitative tightening, which Reform has also vowed to end. About £700 billion of the QE program remains and the BOE has said it would like to reduce that to zero.
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