What’s the verdict on 5 years of record low rates and QE?
Brilliant for powerful groups but has caused economic distortions and increased inequalities Each £100,000 mortgage now costs £3300 a year less, saving borrowers about £19,000 since 2008 Savers with £100,000 in Cash ISAs lost £4000pa income and lost total of £18,500 since 2008 What happened 5 years ago? On March 5th 2009, the Bank of England cut interest rates to 0.5% and started creating billions of pounds of new money from thin air (calling this ‘Quantitative Easing’ or QE) which…