Treasury Select Committee Inquiry Into The Effectiveness And Impact Of Post-2008 UK Monetary Policy

Angus Armstrong

No 3, National Institute of Economic and Social Research (NIESR) Policy Papers from National Institute of Economic and Social Research

Abstract: In January 2009, the Chancellor authorised the Bank of England to purchase financial assets, predominantly government bonds, financed by issuing central bank reserves. Since March 2009 the Bank's Monetary Policy Committee (MPC) has purchased £435bn of government bonds (equivalent to 23 per cent of 2016 nominal GDP). In August 2016 the MPC also announced purchases of up to £10bn of corporate bonds.

Date: 2017-03
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