The Bank of England is only doing for the Government what all banks do for their customers every working day.
A banking licence is a licence to issue the State's free-floating fiat currency, effectively out of thin air. That is how the money supply works.
Fiscal and monetary policy then exist in order to control inflation while encouraging certain politically chosen forms of behaviour and discouraging others.
But the State's money does not derive from taxation, and it certainly does not belong to "the taxpayer".
Some of us have been trying to tell you this for years. Everyone who knew anything about the subject has not only always known it, but always presupposed it.
And now, they have stopped pretending not to. The Centre is the think tank for this new era. Please give generously.
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