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Amendment of the Law

Part of the debate – in the House of Commons at 8:54 pm on 24th March 2014.

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Photo of Barry Gardiner Barry Gardiner Shadow Minister (Environment, Food and Rural Affairs) 8:54 pm, 24th March 2014

Many Government Members, both this afternoon and in the preceding days of this debate, have said that it has been a Budget for savers. That is an irony, coming from a Government who have pumped more than £375 billion into the economy to buy Government bonds. That has been singularly responsible for reducing the yield to savers. The Bank of England working paper 442, on the impact of quantitative easing on the economy, states that the 8% increase in money holdings is estimated to have depressed yields by an average of 150 basis points. That was in 2012. Quantitative easing now is not £122 billion, or 8%; it is more than £375 billion.