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According to the latest estimates, taxpayers will be on the hook to cover £85bn in losses stemming from the unwinding of the Bank of England’s quantitative easing (QE) policy. The scheme is set to lose about £20bn a year until the early 2030s – a yearly figure worth more than a third of our current defence budget.
Major banks made a profit of more than £9bn from the Bank of England’s money-printing programme last year.
The People’s Bank of China has indicated its approval for trading treasury bonds on the secondary market, signalling more robust action to boost liquidity and fuel growth is no longer out of the question.
China’s finance ministry has said it is in favor of the central bank resuming trading Treasury bonds, a move that would see the monetary authority dust off a rarely used tool in its policy kit.
The Federal Reserve (Fed) should be able to start cutting interest rates by the end of 2024, according to Kristalina Georgieva, managing director of the International Monetary Fund.