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Quantitative Easing and the Independence of the Bank of England

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  • William Allen

Abstract

In the depths of the recession which set in very quickly after the collapse of Lehman Brothers in September 2008, the Bank of England, through its Monetary Policy Committee, wanted to ease monetary policy further. Having already reduced short-term interest rates to historically low levels, it embarked on a programme of 'quantitative easing' (QE), which consisted in practice of purchases of large quantities of gilts to be lodged in a new Asset Purchase Facility (APF). Initially, in March 2009, it decided to buy £75 billion. By 2013, the QE programme amounted to £375 billion, and in August this year, it decided to buy a further £60 billion of gilts and £10 billion of privately-issued bonds, and to provide £100bn for a Term Funding Scheme to support bank credit.

Suggested Citation

  • William Allen, 2017. "Quantitative Easing and the Independence of the Bank of England," National Institute of Economic and Social Research (NIESR) Policy Papers 01, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrp:1
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