The FT published this letter from Colin Hines of the Green New Deal group (of which I am a member) today:
Sir, Your editorial “Central bankers ponder moving the goalposts” (August 26) is correct in that it is time for central bankers to rethink their failed attempts to help stimulate adequate and sustainable levels of economic activity. To achieve this, their focus should be on funding infrastructural renewal to provide adequate levels of housing, hospitals, schools, local transport projects and new energy systems emphasising energy efficiency. This would generate jobs and business opportunities in every city, town, village and hamlet.
Such a focus is far preferable to the red herring of “helicopter money”, a wasteful, scattergun approach likely to stimulate consumer imports. Targeted infrastructure quantitative easing, plus government borrowing at a time of historically low interest rates, could result in the financing of economic opportunities in every part of the country, requiring a wide range of skilled workers involved in projects that will last decades.
East Twickenham, Middx, UK
Convener, Green New Deal Group