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Why “people’s QE” is utter nonsense

Corbyn's key idea has a certain moral appeal, but he doesn't understand what it really is, or how it works

By Jay Elwes  

WIll Corbyn's prescription work? © Lauren Hurley/PA Wire/Press Association Images

An idea being proposed by Jeremy Corbyn—and which was reiterated on Radio 4’s Today programme this morning by Ken Livingstone—is that Quantitative Easing (QE) should be used to fund public services. The banks caused the crisis, Ken explained, and have been handed £375bn by the Bank of England’s QE programme. Why can’t the Bank, he asked, instead of showering cash at the hoodlums of the City, give it to the…

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