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Has the Bank of England gone too far?

Why we should worry about the monetary-fiscal complex

By Paul Wallace  

Bailey of the Bank on his first day as governor. Photo: Tolga Akmen/PA Wire/PA Images

Any forecasts about the economic impact of the coronavirus epidemic and the drastic measures taken to fight it can be little more than guesstimates at this stage. Even so, it is clear that the Treasury will have to borrow on a massive scale as it steps in to support private businesses and workers while tax revenues fall away. But is the avowedly independent Bank of England in turn supporting the Treasury rather too…

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