My response to the Bank of England’s quarterly inflation report

“The long-delayed return to growth is welcome, but the Governor is right to warn that the recovery is not yet balanced and sustainable. And this is not yet a recovery for ordinary working people who are still facing a cost-of-living crisis.

“Over the last six months the Governor has rightly used monetary policy and forward guidance to support jobs and growth in the economy, consistent with meeting the inflation target, and he is right to continue that approach in the future.

“But monetary policy alone cannot secure a strong and balanced recovery and earn our way to higher living standards for the many, not just a few at the top. The Chancellor also needs to act. That’s why we have called for action to boost housing supply, reform of our banks and energy markets, an expansion of free childcare to make work pay and a compulsory jobs guarantee for young people and the long-term unemployed.”

Ends

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Posted February 12th, 2014 by Ed

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