{"id":30357,"date":"2015-08-25T16:53:42","date_gmt":"2015-08-25T15:53:42","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=30357"},"modified":"2015-08-25T16:55:03","modified_gmt":"2015-08-25T15:55:03","slug":"george-osborne-looks-like-he-signed-up-to-peoples-quantitative-easing-in-2011-why-not-now","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2015\/08\/25\/george-osborne-looks-like-he-signed-up-to-peoples-quantitative-easing-in-2011-why-not-now\/","title":{"rendered":"George Osborne looks like he signed up to People&#8217;s Quantitative Easing in 2011. Why not now?"},"content":{"rendered":"<p>Following on <a title=\"The Bank of England\u2019s already been authorised to do People\u2019s Quantitative Easing\" href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2015\/08\/25\/the-bank-of-englands-already-been-authorised-to-do-peoples-quantitative-easing\/\" target=\"_blank\">from my demonstrating that Alastair Darling provided the fram<\/a>ework for\u00a0People's Quantitative Easing in 2009 <a href=\"http:\/\/www.bankofengland.co.uk\/monetarypolicy\/Documents\/pdf\/chancellorletter061011.pdf\" target=\"_blank\">here's another letter<\/a> on the subject I've just unearthed thanks to my conversation with Danny Blanchflower today:<\/p>\n<p><a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2015\/08\/25\/george-osborne-looks-like-he-signed-up-to-peoples-quantitative-easing-in-2011-why-not-now\/screen-shot-2015-08-25-at-16-41-52\/\" rel=\"attachment wp-att-30358\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-30358 size-large\" src=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.41.52-550x863.png\" alt=\"Screen Shot 2015-08-25 at 16.41.52\" width=\"550\" height=\"863\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.41.52-550x863.png 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.41.52-191x300.png 191w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.41.52-143x225.png 143w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.41.52-84x132.png 84w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.41.52.png 1320w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a>Now a lot of this repeats already made in my last blog:<\/p>\n<ul>\n<li>The fiction of\u00a0Bank of England independence is blown apart by this letter: Osborne decided on more QE, and the amount;<\/li>\n<li>Osborne said it would work in 2011: it's very hard to see what has changed now given that we still have 'tensions in the world economy that threaten\u00a0the UK recovery'.<\/li>\n<\/ul>\n<p>But, more important is the sting in the tail:<\/p>\n<p><a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2015\/08\/25\/george-osborne-looks-like-he-signed-up-to-peoples-quantitative-easing-in-2011-why-not-now\/screen-shot-2015-08-25-at-16-48-38\/\" rel=\"attachment wp-att-30359\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-30359 size-large\" src=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.48.38-550x290.png\" alt=\"Screen Shot 2015-08-25 at 16.48.38\" width=\"550\" height=\"290\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.48.38-550x290.png 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.48.38-300x158.png 300w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.48.38-569x300.png 569w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.48.38-200x105.png 200w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/08\/Screen-Shot-2015-08-25-at-16.48.38.png 1248w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><\/p>\n<p>So, <a title=\"The Bank of England\u2019s already been authorised to do People\u2019s Quantitative Easing\" href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2015\/08\/25\/the-bank-of-englands-already-been-authorised-to-do-peoples-quantitative-easing\/\" target=\"_blank\">first the framework created by Alastair Darling<\/a>\u00a0that clearly permits People's Quantitative Easing remains in place.<\/p>\n<p>And, second, Osborne and \u00a0the Treasury were very obviously considering a small company intervention, and other options, in 2011. Something rather like People's QE looks to have been on the cards back then. But now Osborne denies it.<\/p>\n<p>Why is that?<\/p>\n<p>And why isn't\u00a0People's Quantitative Easing on the agenda now when it would make complete economic sense to do it?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following on from my demonstrating that Alastair Darling provided the framework for\u00a0People&#8217;s Quantitative Easing in 2009 here&#8217;s another letter on the subject I&#8217;ve just unearthed<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2015\/08\/25\/george-osborne-looks-like-he-signed-up-to-peoples-quantitative-easing-in-2011-why-not-now\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-30357","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/30357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=30357"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/30357\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=30357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=30357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=30357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}