The £2,000 experiment
Yesterday the Bank of England pumped £60–70 billion pounds into the economy and nobody noticed.
Imagine if yesterday you’d woken up and a cheque for £2,000 had arrived on your doormat. What would you have done?
For the majority of the British public it would be a life-saver. For the poorest it would pay a longstanding debt or overdraft — it would buy a much needed car or washing machine without having to borrow money.
A £2,000 cash to households experiment would kickstart the UK economy with such force it would wake up every person. They’d be shopping, buying, moving, eating and holidaying. It would mark the biggest turning point in the UK post-brexit economy.
But instead the bank pumped £60–70bn QE to buy corporate bonds. How exciting.