Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "What could the Bank of England do to support the UK economy?" video.

Oh boy, could the Bank of England make life better. By reconsidering the cost to the economy of paying interest on Bank Reserves, which is more than £40bn a year that is being paid to banks to do something that they have to do by law already. Together with cuts to corporation tax pushes up the money being transferred to the banks by the state closer to £50bn a year, which is about 33% more than was being spent on Education (£37bn). It's simply unsustainable. We have children living poverty going up year on year, but the State is financing bankers' bonuses, perhaps in an industry that is socially and perhaps economically dysfunctional. Why can't the banks stand in their own feet, and operate without subsidy? They used before 2006, and we never heard of bankers children suffering from diseases of deprivation then or now. This policy began in 2006, and now nearly 20 years on, there is no sign of this stopping, but it's Unaffordable. Is this a protection racket? Or What?
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I think the Labour Party are suffering from the same malaise as the other big centrist technocrat parties: they are all too comfortable with the status quo, simply because they choose not to question too deeply the way things are. They as career politicians got what they have wanted, but dare not look too hard into the growing abyss between perception and reality, because the donors might pull the plug. But what about the voters?
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You have no idea how much BoE inflation targeting is performance theatre. They do not set interest rates other than the base rate they pay on bank reserves deposited at the BoE. The Financial Markets set the rest, and they can choose to ignore BoE Base rate changes at will. As they do now. Furthermore, if you want to reduce inflation, taxing capital gains on the billion of profits of QE would do it. Most of that money went straight out of households into the pockets of corporations and plutocrats, who pumped up price inflation by buying more assets to hoard. And to boot, they is very strong evidence that central bank overreact with interest rates changes, and the threat of Wage Price Spirals is, at least overstated. Interest rate changes are pretty useless in reality in dealing with supply side inflation, especially that created by imposing trade barriers on your own economy, and asset bubbles. Wrong tools for the job.
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@ScruffyTubbles You are a bot, or your consuming the fatuous nonsense on Twitter. NGOs? You obviously have no idea what an NGO is. The Tressel Fund feeding people every day is an NGO. Save the Children, Oxfam, the Red Cross, Age UK, MIND, The Big Issue, and all charities working in the UK are NGOs. Any organisation regulated by the Charity Commission is an NGO. So are Think Tanks. Universities, and Private Foundations. You are what you eat. Please consume your information more discerningly. Get outside your bubble, and check things before you believe what you are being told.
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You're right. Interest rates have no impact on supply side inflation. Moreover, the savings of the bottom half are almost spent. Most have got a compulsory pension, but can't find the money for a £500 emergency. So whose spending is surpressed by interest rates? Those with no savings. Makes no logical sense.
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