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Call for Evidence

Call for evidence

The House of Lords Economic Affairs Committee, chaired by Lord Forsyth of Drumlean, is launching an inquiry on Quantitative Easing.

The Committee will examine Quantitative Easing in the context of the Bank of England’s operational independence, its accountability and the transparency of its decision-making. The Committee will also examine the economic effects of Quantitative Easing, what risks are entailed, its distributional impacts and the future of the programme.

The Committee is seeking evidence on the following questions: 

Governance and accountability

1. Has the expansion of the Bank of England’s Quantitative Easing programme undermined the independence of the Bank, or the perception of its independence? What are the implications of this?

2. How well has the Bank of England communicated its decisions on Quantitative Easing? Is the programme transparent enough?

3. Should the Bank of England’s mandate be altered?

Effects of QE

4. How should Quantitative Easing be defined?

5. What were the original objectives of Quantitative Easing and have they changed?

6. Has Quantitative Easing been successful and how should success be measured?

7. What trade-offs does the Bank of England’s Quantitative Easing programme entail? What effect might it have on inflation?

8. What have been its distributional effects?

9. How does the Bank of England’s Quantitative Easing programme compare to other programmes internationally?

Future of QE

10. Could the expansion of Quantitative Easing in the UK create the possibility of economic stability being undermined in the future? If so, how?

11. What evidence is there for any upper limits to the Bank of England’s Quantitative Easing programme?

12. Will Quantitative Easing be unwound in full, and if so how? Is it likely that the Bank of England’s balance sheet will be permanently, and structurally, larger going forwards?

This is a public call for written evidence to be submitted to the Committee. The deadline for submissions is 26 February 2021.

The Committee is looking to hear from as diverse a range of views as possible—if you think someone you know would have an interest in contributing to the inquiry, please pass this on to them.

Short, concise submissions are preferred. Responses should not be longer than five sides of A4. The Committee cannot accept anything that has not been prepared specifically in response to this call for evidence, or that has been published elsewhere.


ANNEX : Guidance for Submissions

Written submissions should be submitted online, as a Word document, using the written submission form available at . This page also provides guidance on submitting evidence.

If you have difficulty submitting online, please contact the Committee staff by email at or by telephoning 020 7219 5358. The deadline for written evidence is 26 February 2021.

Short submissions are preferred. Paragraphs should be numbered. All submissions made through the written submission form will be acknowledged automatically by email.

Evidence which is accepted by the Committee may be published online at any stage; when it is so published it becomes subject to parliamentary copyright and is protected by parliamentary privilege. Submissions which have been previously published elsewhere will not be accepted as evidence.

Once you have received acknowledgement that the evidence has been accepted you will receive a further email, and at this point you may publicise or publish your evidence yourself. In doing so you must indicate that it was prepared for the Committee, and you should be aware that your publication or re-publication of your evidence may not be protected by parliamentary privilege.

Personal contact details will be removed from evidence before publication, but will be retained by the Committee Office and used for specific purposes relating to the Committee’s work, for instance to seek additional information.

Persons who submit written evidence, and others, may be invited to give oral evidence. Oral evidence is usually given in public at Westminster and broadcast online; transcripts are produced and published online. Persons invited to give oral evidence will be notified separately of the procedure to be followed and the topics likely to be discussed.

Substantive communications to the Committee about the inquiry should be addressed through the Clerk of the Committee, whether or not they are intended to constitute formal evidence to the Committee.

This is a public call for evidence. Please bring it to the attention of other groups and individuals who may not have received a copy directly.

You may follow the progress of the inquiry at

This call for written evidence has now closed.

Go back to Quantitative Easing Inquiry