Richard Murphy on tax and economics
November 9 2015
QE has saved the government £47 billion over four years and so George wants to give £25 billion back to bankers
Continuing low interest rates have handed George Osborne a windfall ahead of this month’s spending review, leading to expectations that the UK chancellor will use some of the cash to scale back £20bn of planned cuts.
The difference could be £2bn annually, according to the Office for Budget Responsibility’s interest rate calculation programme.