Bank's stimulus plan 'lines pockets of the rich'
The Bank of England's money-printing programme, intended to revive economic growth, has delivered a massive boost to the wealth of the most prosperous 10 per cent of households in Britain while delivering relatively scant returns for the poorest, a new analysis from the Bank indicated yesterday.
ONS data, showed that quantitative easing delivered a benefit to the wealthiest households of £870bn, while the poorest households benefited by just £3.5bn.
The Bank also examined the impact of its decision to slash interest rates to historic lows of 0.5 per cent in 2009 when the economy was deep in recession. It found that borrowers had benefited by around £100bn from lower rates.