Summary
The Liberal Democrats have publicly supported the Bank of England's independence after Nigel Farage criticized the bank's bond-selling program. Party leader Sir Ed Davey met with the bank's governor to show continued support for the bank's autonomy. Farage argues that the program is costly to taxpayers, sparking political debate in the UK.
Key Facts
- The Liberal Democrats pledged support for the Bank of England's independence.
- Party leader Sir Ed Davey and deputy Daisy Cooper met the Bank of England governor to reaffirm support.
- Nigel Farage urged the Bank to stop its bond-selling program, which he says costs taxpayers billions.
- Farage wants the end of this program, known as quantitative tightening, which began in 2022.
- Quantitative easing, an earlier program, involved creating money to buy government bonds and support the economy.
- The bond-selling program now results in losses, covered by the UK Treasury as per a 2009 agreement.
- The Reform UK party has criticized the program as misuse of taxpayers' money.
- Farage and Richard Tice met the Bank's governor to discuss the issue and call for more parliamentary debate.
