Monetary Policy

Julian Jessop quoted in the Independent

Commenting on the latest ONS data on inflation, IEA Economics Fellow, Julian Jessop, was quoted in the Independent saying the Bank of England's quantitative easing (QE) programme should end sooner rather than later. He argued it is "increasingly complacent" to suggest interest rates can remain low whilst Covid support and QE continues in tandem with ... Continue reading
Monetary Policy

Mark Littlewood writes for The Times

In his bi-weekly column for The Times, IEA Director General Mark Littlewood warned that the era of low-inflation was coming to an end, referencing the 'sheer scale' of money production during the last year. Mark argued: "The entire UK quantitative easing programme has so far amounted to £872 billion, more than half of this money ... Continue reading
Monetary Policy

Christopher Snowdon quoted in The Sun

IEA Head of Lifestyle Economics Christopher Snowdon was quoted in The Sun, commenting on the latest figures which suggest a sharp rise in inflation. Christopher warned "We have all the ingredients for a bout of inflation", adding: "The only question is whether it will be short and sharp or if it will become a chronic ... Continue reading
Responding to today's inflation figures from the Office for National Statistics (ONS), Christopher Snowdon, Head of Lifestyle Economics at free market think tank the Institute of Economic Affairs, said: “While the inflation rate is still low, a sharp rise in one month is concerning and is unlikely to be a one off. As the economy ... Continue reading
Although the response of the major economies to the Covid-19 pandemic falls short of adopting Modern Monetary Theory (MMT) policies entirely, there has been a shift towards MMT principles. Since March 2020, central banks in major economies have been partially monetising government deficits by buying government debt through quantitative easing and other lending schemes. In ... Continue reading

Financial Times letter to the editor: Shadow Monetary Policy Committee

The Shadow Monetary Policy Committee has written a letter to the editor of the Financial Times, expressing their concern at the quantity of money in the UK economy- warning the Bank of England about the risks of increasing inflation. The Committee wrote: "We fear that inflation above 5 per cent is likely at some point ... Continue reading
Monetary Policy
A little over one month ago, Bitcoin reached a market capitalisation of one trillion dollars. The cryptocurrency, which just ten years ago was traded by cyberpunks on cryptography forums now stands beside the tech giants Amazon & Apple in terms of market capitalisation. With its meteoric rise, Bitcoin’s opponents have naturally grown louder than ever. ... Continue reading
Warns of upside risks to inflation, arising from a post-COVID boom In its meeting of 12th January 2021, held by video-conference due to ongoing COVID-19 restrictions, the Shadow Monetary Policy Committee (SMPC) elected, by a vote of nine to zero, to hold rates in February. There was unanimity that the announced programme of additional QE ... Continue reading
Responding to the latest government borrowing figures published by the Office for National Statistics (ONS), Christopher Snowdon, Head of Lifestyle Economics at the free market think tank the Institute of Economic Affairs, said:  “The national debt is enormous and will continue to grow for the foreseeable future. The scale of borrowing dwarfs that of the 2008 ... Continue reading