HOSIE COMMENTS ON QUANTITATIVE LEAP

HOSIE COMMENTS ON QUANTITATIVE LEAP

Commenting on news that the Bank of England will extend quantitative easing by £25bn over the next three months in an attempt to boost the economy, SNP Treasury Spokesperson Stewart Hosie MP said:

“These eye-watering sums underline the fragility of the economy, and the real failure of the UK Government to get a grip.

“Quantitative easing was intended to boost lending to business but the MPC still warn that UK banks are failing to provide enough credit to businesses and households. I hope we are not seeing any repeat of the Japanese experience in the early 1990s where bank lending decreased after quantitative easing was introduced.

“Without consulting parliament, the UK Government pressed ahead with this scheme – the cost of which is rapidly escalating without proven benefit.”