King tells Osborne £37bn QE cash grab won't help UK

clock

Sir Mervyn King, the Bank of England's Governor, told the Chancellor that £37bn cash the Treasury claimed from the QE programme will not help the UK's finances.

As George Osborne readies for gloomy debt forecasts next week, Sir Mervyn King said it was "very clear" that any headline boost to the public finances from the Treasury's move would not help the "underlying" position - and signalled that it should not be presented to the public as doing so, the Daily Telegraph reports. "What I did make very clear to the Treasury was that I thought it had no impact at all on the long-run fiscal position and there was no benefit to the taxpayer of making this change," he told MPs. It was for the Treasury, rather than the Bank, to "face up to" concerns t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Navigating an uncertain environment: Applying a disciplined, data-driven approach

Navigating an uncertain environment: Applying a disciplined, data-driven approach

'​Looking ahead, the fundamental case remains constructive'

Fahad Hassan
clock 28 April 2026 • 2 min read
UK inflation rises to 3.3% in March as Iran conflict impacts fuel prices

UK inflation rises to 3.3% in March as Iran conflict impacts fuel prices

Motor fuel rose 4.7%

Michael Nelson
clock 22 April 2026 • 2 min read
UK inflation data for February 'little more than a relic' as it holds at 3%

UK inflation data for February 'little more than a relic' as it holds at 3%

Uncertainty over central bank rates

Michael Nelson
clock 25 March 2026 • 3 min read