The former chancellor, George Osborne, has said that money printing by the Bank of England has made the rich richer and that interest rate cuts have hurt savers.
Speaking from Washington in an interview with Bloomberg TV, Mr Osborne said: ‘We need to offset the very necessary loose monetary policy and the distributional consequences that it is having. Essentially it makes the rich richer and makes life difficult for ordinary savers.’
‘There’s a role for government policy not in stopping that monetary policy which keeps the economy strong but in mitigating its impact. I think all of us who believe in free markets need to work harder to find an answer to the anger that people clearly feel out there.’
As chancellor Mr Osborne never commented on the distributional consequences of the Bank of England’s monetary stimulus measures.
This post was published at The Independent