Sunday, 15 July 2012

£50 million extra of quantative easing – a waste of money

Roger Godsiff, speaking at a meeting in his constituency, has criticised the decision by the Bank of England to ‘print more money through the process of quantative easing’ and then to give it to the banks.  Says Roger “I am not opposed to the principle of ‘quantative easing’ in order to promote growth to get the economy moving again but the billions of pounds that have been given to the banks through this process have not gone to business or to create demand in the economy but have just been used by the banks to rebuild their balances which have been depleted due to the irresponsibility and cavalier actions of the bankers which caused the original banking crisis in 2007/2008."

Mr Godsiff said “As I said in a Commons debate it would be much more sensible if the Government looked at innovative ways of getting demand back in the economy by, for example, giving everybody on the electoral register a £100 voucher which had to be spent within three months on consumer goods and which could not be exchanged  for cash.  People will have no option but to spend the money on consumer durables or else the voucher would become worthless after three months.  This would inject real demand back into the economy rather than stuffing money into the mouths of those in the banking community who have already ripped off the general public and brought the economies of the western world to their knees.”

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