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Epilogue: The Next Reactivation of Monetary Policy

In: Monetary Policy and Financial Repression in Britain, 1951–59

Author

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  • William A. Allen

    (Cass Business School)

Abstract

At the time of writing, early in 2014, short-term interest rates have been continuously very low for over five years, and they are expected not to increase for another year.1 Moreover, in its quantitative easing operations between 2009 and 2012, the Bank of England bought £375 billion of gilts, in exchange for its own deposit liabilities. As a result of these and other operations, bankers’ deposits in the Bank of England amount to £297 billion.2 The deposits bear interest at Bank rate and, since the Bank of England is wholly owned by the government, they represent a form of short-term government-guaranteed debt.3 In addition there are £45 billion of Treasury bills outstanding,4 so that total short-term interest-bearing government debt is about £342 billion, or 21% of GDP.

Suggested Citation

  • William A. Allen, 2014. "Epilogue: The Next Reactivation of Monetary Policy," Palgrave Studies in Economic History, in: Monetary Policy and Financial Repression in Britain, 1951–59, chapter 17, pages 236-242, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-1-137-38382-2_17
    DOI: 10.1057/9781137383822_17
    as

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