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- BoE reform needed to boost firepower for downturns - think tank
BoE reform needed to boost firepower for downturns - think tank
The Bank of England should be given more power to steer lending in Britain’s economy and influence government spending during a downturn, a think tank said.
After more than a decade of low interest rates since the global financial crisis, central bankers across advanced economies are concerned that they’re less able to boost the economy when the next recession comes.
Positive Money, a think tank whose work has been endorsed by the opposition Labour Party and others in recent years, said closer coordination was needed between the BoE and the government, with the efficacy of quantitative-easing in doubt.
Last week, Gertjan Vlieghe, a member of the bank’s Monetary Policy Committee, cast doubt on the effectiveness of government bond purchases in future, and suggested the BoE could buy private-sector assets that were under stress.
Positive Money said the BoE and government should create a new credit policy unit so the BoE can influence lending, and the central bank should also be able to outline its expectations for the government’s fiscal policy.
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