There can be no repeat of post-2008 monetary madness
3 July 2023
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Mark Littlewood referenced in The Telegraph
A letter signed by IEA Director General Mark Littlewood has been referenced in The Daily Telegraph. The letter, written to the Chancellor, urges reforms to the Bank to avoid repeating the monetary policy mistakes that have led to our current high inflation.
The article said:
“Now a group of economic thinkers – including Geoff Blanning, a former investment manager at Schroders, Dr Eamonn Butler, the director of the Adam Smith Institute, and Mark Littlewood, the director general of the Institute of Economic Affairs – has written to the Chancellor demanding a shake-up of the Bank.
“In their letter, the coalition said: ‘We are living through an overwhelming cost of living squeeze, and millennials are likely to be the first generation since before the Industrial Revolution to be poorer than their parents.
“‘This is in large part because since the financial crash of 2008, the Bank of England has been creating new money out of thin air to fund the Government’s promises.
“‘Since March 2009, the money supply has surged by over 50 per cent from the Bank’s actions alone, and half of this – £400 billion – took place in 2020-21 to fund lockdowns.
“The letter accused the Government and the Bank of being ‘jointly complicit’ in a ‘debt explosion’.”
Read the full article here.
The article said:
“Now a group of economic thinkers – including Geoff Blanning, a former investment manager at Schroders, Dr Eamonn Butler, the director of the Adam Smith Institute, and Mark Littlewood, the director general of the Institute of Economic Affairs – has written to the Chancellor demanding a shake-up of the Bank.
“In their letter, the coalition said: ‘We are living through an overwhelming cost of living squeeze, and millennials are likely to be the first generation since before the Industrial Revolution to be poorer than their parents.
“‘This is in large part because since the financial crash of 2008, the Bank of England has been creating new money out of thin air to fund the Government’s promises.
“‘Since March 2009, the money supply has surged by over 50 per cent from the Bank’s actions alone, and half of this – £400 billion – took place in 2020-21 to fund lockdowns.
“The letter accused the Government and the Bank of being ‘jointly complicit’ in a ‘debt explosion’.”
Read the full article here.
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