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Lords turn the spotlight on addictive quantitative easing
The Bank of England has spent £450bn on propping up the UK during the pandemic, creating an unsustainable and dangerous situation
11 July 2021 • 6:00am
The UK economy grew 0.8pc in May, slowing from a 2pc expansion the previous month. Friday’s GDP figures attracted much comment – even during the build-up to the Euro 2020 final. But this new data, despite theoretically measuring every transaction across the economy, failed to capture the trend on which attention should be focused.
The GDP expansion in May was less than expected. Financial markets, having celebrated news of easing travel restrictions earlier in the week, were underwhelmed. There were, though, some interesting details – with accommodation and food services surging 37.1pc, as restaurants and pubs welcomed customers back indoors. Automotive output meanwhile plunged 16.5pc, as a shortage of semi-conductors disrupted production. ....

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