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Formal meeting (oral evidence session): Quantitative Easing

Economic Affairs Committee
Quantitative Easing

Tuesday 18 May 2021

Start times: 3.00pm (private) 3.00pm (public)


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Bank of England gives evidence on Quantitative Easing to Committee

On Tuesday 18 May at 3pm, the Economic Affairs Committee holds its final evidence session on quantitative easing (QE). The Committee will hear from the Governor and Deputy Governors of the Bank of England: Andrew Bailey, Ben Broadbent and Sir Dave Ramsden. The evidence session will cover the purpose and effects of QE, transparency and communications around QE, the future of QE and the Bank of England’s mandate.

Meeting details

At 3.00pm: Oral evidence
Inquiry Quantitative Easing
Governor at Bank of England
Deputy Governor for Monetary Policy at Bank of England
Deputy Governor for Markets and Banking at Bank of England

Likely questions

  • How effective, in your view, has QE been and has this effectiveness diminished over time?
  • What is the purpose of QE, and has this changed at different stages since it was introduced in 2009?
  • How effectively do you think the Bank has communicated its policy actions during the pandemic?
  • How much, and what type, of coordination took place between the Bank of England and HM Treasury during the pandemic?
  • Has the expansion of QE, and the expanded role of central banks generally, left the Bank vulnerable to greater political pressure being exerted upon it?
  • Do you think that the Bank of England is sufficiently accountable in light of the expanded use of QE and the Bank’s wider mandate?
  • What are the risks if the Bank’s balance sheet remains structurally large?
  • How concerned are you that the latest round of QE could exacerbate inflationary pressures?
  • What consideration has the Bank given to proposals to pay zero interest on reserves made by Charles Goodhart to try and mitigate the impact of interest rate rises on the servicing cost of the government’s stock of debt?
  • What does the Bank’s new climate change mandate entail?

Location

Virtual meeting