Instead of the eye-wateringly cruel cuts in public services inherent in the chancellor’s obsession with rapid deficit reduction, the pre-election debate should radically change direction to one that has at its heart a Plan QE. This time, instead of giving £375bn to the banks to waste, e-print £70bn for every year of the next parliament to build the homes we need and make every building in the UK energy efficient. If all the jobs involved were paid an adequate wage then the tax take across the country would soar and help return the economy to a balanced recovery. Just like the first round of QE, the e-money would not have to be repaid so wouldn’t affect the deficit.
Convenor, Green New Deal Group
I am, of course, a member of that Group.
There is no chance at present that the first round of QE will be repaid: there is no reason to think further QE would be either. This is the new world we live in. What we need to do is embrace it. Until we do, as I have said before, money will remain in the wrong hands, and that's the problem we are currently facing.