The Bank of England is losing patience with this Chancellor

Ed Balls MP, Labour’s Shadow Chancellor, responding to the minutes of the Monetary Policy Committee published today, said:

“The Bank of England is losing patience with this Chancellor. The MPC’s call for ‘targeted interventions to boost demand and the supply capacity of the economy’ from ‘other UK authorities’ is a clear message to George Osborne to act.

“That means measures to kick-start the economy now and strengthen its capacity for the long-term, such as bringing forward infrastructure investment and building thousands more affordable homes, which Labour has been calling for.

“With interest rates at record lows and billions of quantitative easing already tried there is only so much more the Bank of England can do through monetary policy. George Osborne must finally heed the warnings and realise that his fiscal policies, which have crushed growth and confidence in our economy, must now change before more long-term damage is done.”

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Posted February 21st, 2013 by Ed's team