HOSIE COMMENTS ON FURTHER £50BN MONEY PRINTING PLAN.

HOSIE COMMENTS ON FURTHER £50BN MONEY PRINTING PLAN.

SNP Treasury spokesperson, Stewart Hosie MP, has commented on news that the Bank of England Monetary Policy Committee (MPC) has said it planned to inject an additional £50bn through quantitative easing, raising the total to £125 billion, from £75 billion.

Mr Hosie said:

“The jury is still out on how effective quantitative easing will be in getting the economy back on track, and the MPC’s decision to print another £50bn suggests that the Treasury has underestimated how much needs to be done to stimulate the economy and bank lending.

“However, the fact remains that parliament has never had an opportunity to debate this formally. We have had no statement from the Treasury on committing another £50bn to this project – now running at an amount equivalent to 20 per cent of the UKs annual tax take.

“It is quite outrageous that Ministers have not allowed time for a proper debate.”