1221:
35:
512:, signalled that the policy was probably dead, as he felt that while this particular group of economists would, "back the notion of the government taking advantage of prevailing low interest rates to borrow considerably more for investment in infrastructure," they would not support the ultra formulation of the policy, "for fear that the anti-inflationary credentials of the Bank of England would be destroyed", and that if the policy survived it would be as, "a contingent rainy-day monetary tool, for when the economy is next in direst straits."
1543:
1531:
1493:
1230:
290:
537:
1519:
801:
435:
critical of the proposal. Yates suggested it could encourage reckless spending by governments to finance "pet projects" and could encourage governments to print money to finance pre election booms followed by austerity after a government is reelected and could fuel extreme inflation. Yates is
361:
create money to invest in housing and public transport, described by Corbyn as "People's
Quantitative Easing". This would aim to turn the UK into a high-skill, high-tech economy and to build more council houses in order to lower long-term housing benefit costs. To achieve this, the Bank would
175:
396:
wrote that as quantitative easing had the potential to cause inflation; currently the Bank of
England holds onto the money it creates and thus has the power to 'unwind QE' by reversing it, whereas if the money had gone into a National Investment Bank, this would not be possible.
807:
1002:
642:
381:
The policy was criticised by other leadership candidates, who claimed it was 'economically illiterate' and would increase the risk of investing in the UK. It would also clash with
Article 123 of the EU's
373:, with low inflation, low interest rates, high unemployment and low wages. If the economy is growing strongly, PQE would not be needed as increasing tax revenues would pay for necessary investment.
1478:
993:
1372:
223:
783:
1187:
725:
146:
958:
1028:
646:
1568:
1420:
315:
240:
158:
446:
published an article arguing that a limited amount of PQE would usefully increase employment and inflation, reducing the burden of debt accumulated since the
1168:
125:
89:
843:
1337:
1324:
342:
165:
141:
1155:
1209:
1202:
1179:
170:
136:
1135:
828:
673:
1197:
464:'s senior international economist, Jeremy Lawson, support policies such as People's Quantitative Easing should the economy move into another
750:
1377:
1352:
1245:
228:
208:
115:
67:
939:
699:
1367:
1359:
1347:
1332:
1291:
308:
218:
213:
203:
198:
1250:
84:
1308:
913:
596:
268:
1457:
94:
447:
1192:
1161:
887:
551:
366:
153:
1427:
1104:
301:
261:
34:
1220:
868:
1523:
1434:
254:
1509:
1441:
491:
386:
which prevents central banks from printing money to finance government spending and could cause a legal battle with the
1128:
487:
187:
1054:
411:
offered a qualified endorsement of Corbyn's proposals to carry out PQE through a
National Investment Bank, and both
1473:
571:
369:. Murphy argues it is a policy designed for use in 2020, in the event the economy remains flat despite traditional
1270:
475:
In August 2015, Corbyn stated he had had messages of support on his economic policies in general from economists
465:
401:
387:
556:
432:
120:
1260:
1024:
99:
620:
1563:
1496:
1121:
522:
104:
1547:
591:
1265:
72:
404:, criticised the proposal on the grounds that it could provoke higher inflation and interest rates.
1298:
576:
469:
392:
370:
994:"People's Quantitative Easing may be the best way to undo the mistakes of the first round of QE"
1255:
966:
616:
505:
408:
383:
20:
1535:
581:
566:
509:
480:
442:
419:
358:
346:
77:
726:"Corbynomics: Everything you always wanted to know about it, explained by Richard Murphy"
1447:
1413:
1286:
586:
247:
1530:
784:"Jeremy Corbyn's 'People's QE' would force Britain into three-year battle with the EU"
1557:
1144:
561:
517:
501:
461:
338:
282:
277:
50:
1395:
669:
542:
476:
413:
1229:
751:"Yvette Cooper says Labour rival Jeremy Corbyn's policies not credible or radical"
289:
349:
to create money to finance government investment via a
National Investment Bank.
1452:
182:
1077:
844:"Corbyn's economic strategy would keep Tories in power, top Labour figure says"
764:
532:
970:
436:
further concerned that high inflation and economic uncertainty tends to hit
428:
16:
Policy proposal; central banks invest directly in infrastructure and housing
1029:"Jeremy Corbyn's QE for the people is exactly what the world may soon need"
959:"Corbyn's QE for the people jeopardises the Bank of England's independence"
1518:
1082:
496:
437:
1442:
The Left's Jewish
Problem: Jeremy Corbyn, Israel and Anti‑Semitism
643:"Corbynomics - what on earth is Jeremy Corbyn's economic policy?"
1113:
457:
1117:
362:
purchase bonds for a state-owned "National
Investment Bank".
1219:
504:
contended that the composition of the panel, which included
1479:
Islington North in the 2024 United
Kingdom general election
829:"What are we to think of Jeremy Corbyn's 'people's QE'?"
674:"What are we to think of Jeremy Corbyn's 'people's QE'?"
659:. London Loves Business. Retrieved on 12 September 2015.
940:"Corbynomics sounds subversive, but maybe not for long"
914:"Corby's "People's QE" could actually be a decent idea"
765:"Would Corbyn's 'QE for people' float or sink Britain?"
521:
1507:
1055:".People's QE?. Left-wing leader's plans for the UK"
1466:
1405:
1388:
1317:
1279:
1238:
1178:
992:
700:"Can Corbynomics guru Richard Murphy fix Britain?"
423:have published articles complimenting the idea.
1421:Corbyn: The Strange Rebirth of Radical Politics
241:Corbyn: The Strange Rebirth of Radical Politics
400:On 3 August 2015, Labour's shadow chancellor,
1129:
1105:"The surprise cult of Modern Monetary Theory"
309:
8:
365:The policy is based on ideas put forward by
126:Islington North in the 2024 general election
116:Islington North in the 1983 general election
1136:
1122:
1114:
888:"Why we should take Corbynomics seriously"
316:
302:
25:
869:"The Labour party stands at a crossroads"
427:also published an article by Tony Yates,
132:Leader of the Opposition and Labour Party
1210:Antisemitism in the British Labour Party
724:Carlos Martin Tornero (24 August 2015).
490:, announced on 27 September 2015 at the
1514:
608:
28:
1569:Economic history of the United Kingdom
460:'s chief economist, Stephen King, and
7:
1076:Peston, Robert (27 September 2015).
886:Skidelsky, Robert (19 August 2015).
248:Comrade Corbyn: A Very Unlikely Coup
1292:Proposed National Education Service
991:George Cooper (15 September 2015).
492:Labour Party Conference in Brighton
1053:Catherine Boyle (18 August 2015).
698:Zoe Williams (22 September 2015).
14:
1309:Renationalisation of British Rail
957:Yates, Tony (22 September 2015).
597:Scottish National Investment Bank
1541:
1529:
1517:
1492:
1491:
1458:Corbyn wreath-laying controversy
1228:
1005:from the original on 25 May 2022
912:Klein, Matthew (6 August 2015).
782:Spence, Peter (15 August 2015).
535:
345:in August. It would require the
288:
171:Antisemitism in the Labour Party
33:
1162:Leader of the Labour Party (UK)
938:Clark, Tom (4 September 2015).
842:Nicholas Watt (3 August 2015).
552:Development finance institution
486:Following the formation of the
468:despite the use of traditional
343:2015 Labour leadership election
1428:Jeremy Corbyn: Accidental Hero
1078:"Corbynomics' Thatcher moment"
262:Jeremy Corbyn: Accidental Hero
1:
1435:Oh Jeremy Corbyn: the big lie
803:The Lisbon Treaty Article 123
621:"People's QE and Corbyn's QE"
255:Oh Jeremy Corbyn: the big lie
1304:People's Quantitative Easing
357:Corbyn proposes to have the
331:People's Quantitative Easing
1474:Peace & Justice Project
488:Economic Advisory Committee
448:financial crisis of 2007–08
188:Economic Advisory Committee
1585:
1338:party leadership challenge
918:Financial Times Alphaville
572:Government investment pool
337:) is a policy proposed by
18:
1487:
1271:Independent Alliance (UK)
1216:
1151:
388:European Court of Justice
1156:Leader of the Opposition
1025:Evans-Pritchard, Ambrose
557:European Investment Bank
121:Socialist Campaign Group
42:This article is part of
19:Not to be confused with
1325:2015 (party leadership)
224:2019 European elections
1524:Business and economics
1224:
1203:2016 mass resignations
523:Modern Monetary Theory
515:In February 2019, the
159:2016 mass resignations
90:MP for Islington North
1223:
1027:(16 September 2015).
672:(13 September 2015).
592:Public infrastructure
433:Birmingham University
229:2019 general election
209:2017 general election
1266:Democratic socialism
649:on 11 September 2015
219:2019 local elections
214:2018 local elections
204:2017 local elections
199:2016 local elections
73:Democratic socialism
1299:Nuclear disarmament
1246:Political positions
1188:Leadership campaign
1107:. 20 February 2019.
788:The Daily Telegraph
577:Government spending
470:quantitative easing
454:The Daily Telegraph
407:However, economist
393:The Daily Telegraph
371:quantitative easing
235:Cultural depictions
176:Antisemitism report
68:Political positions
1225:
619:(16 August 2015).
283:Honours and awards
1505:
1504:
1251:Electoral history
875:. 14 August 2015.
810:on 22 August 2015
771:. 12 August 2015.
500:Economics Editor
326:
325:
85:Electoral history
60:
59:
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1101:
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1092:
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1073:
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1064:
1062:
1050:
1044:
1043:
1041:
1039:
1021:
1015:
1014:
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1010:
996:
988:
982:
981:
979:
977:
954:
948:
947:
935:
929:
928:
926:
924:
909:
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902:
900:
898:
883:
877:
876:
865:
859:
858:
856:
854:
839:
833:
832:
825:
819:
818:
817:
815:
806:, archived from
798:
792:
791:
779:
773:
772:
761:
755:
754:
747:
741:
740:
738:
736:
721:
715:
714:
712:
710:
695:
689:
688:
686:
684:
666:
660:
658:
656:
654:
645:. Archived from
639:
633:
632:
630:
628:
617:Simon Wren-Lewis
613:
545:
540:
539:
538:
506:Simon Wren-Lewis
443:The Independent
409:Robert Skidelsky
318:
311:
304:
292:
166:2016 re-election
56:
55:
53:
46:
45:
37:
30:
29:
26:
21:Helicopter money
1584:
1583:
1579:
1578:
1577:
1575:
1574:
1573:
1554:
1553:
1552:
1542:
1540:
1528:
1516:
1508:
1506:
1501:
1483:
1467:Post-leadership
1462:
1401:
1384:
1313:
1275:
1234:
1227:
1226:
1218:
1214:
1174:
1169:Islington North
1147:
1142:
1112:
1103:
1102:
1098:
1088:
1086:
1075:
1074:
1070:
1060:
1058:
1052:
1051:
1047:
1037:
1035:
1033:Daily Telegraph
1023:
1022:
1018:
1008:
1006:
999:The Independent
990:
989:
985:
975:
973:
956:
955:
951:
937:
936:
932:
922:
920:
911:
910:
906:
896:
894:
885:
884:
880:
867:
866:
862:
852:
850:
841:
840:
836:
827:
826:
822:
813:
811:
800:
799:
795:
781:
780:
776:
763:
762:
758:
749:
748:
744:
734:
732:
723:
722:
718:
708:
706:
697:
696:
692:
682:
680:
678:Daily Telegraph
668:
667:
663:
652:
650:
641:
640:
636:
626:
624:
615:
614:
610:
606:
601:
582:Monetary policy
567:Government bond
541:
536:
534:
531:
510:Joseph Stiglitz
481:Joseph Stiglitz
472:(QE) policies.
420:Financial Times
379:
359:Bank of England
355:
347:Bank of England
322:
293:
287:
274:
236:
233:
195:
192:
133:
130:
112:
109:
78:Nationalisation
51:
49:
48:
47:
43:
41:
40:
24:
17:
12:
11:
5:
1582:
1580:
1572:
1571:
1566:
1556:
1555:
1551:
1550:
1548:United Kingdom
1538:
1526:
1503:
1502:
1500:
1499:
1488:
1485:
1484:
1482:
1481:
1476:
1470:
1468:
1464:
1463:
1461:
1460:
1455:
1450:
1448:Jeremy (snail)
1445:
1438:
1431:
1424:
1417:
1414:Comrade Corbyn
1409:
1407:
1403:
1402:
1400:
1399:
1392:
1390:
1386:
1385:
1383:
1382:
1381:
1380:
1375:
1370:
1362:
1357:
1356:
1355:
1350:
1342:
1341:
1340:
1335:
1327:
1321:
1319:
1315:
1314:
1312:
1311:
1306:
1301:
1296:
1295:
1294:
1287:Free education
1283:
1281:
1277:
1276:
1274:
1273:
1268:
1263:
1258:
1253:
1248:
1242:
1240:
1236:
1235:
1217:
1215:
1213:
1212:
1207:
1206:
1205:
1200:
1193:Shadow Cabinet
1190:
1184:
1182:
1176:
1175:
1173:
1172:
1171:(1983–present)
1165:
1159:
1152:
1149:
1148:
1143:
1141:
1140:
1133:
1126:
1118:
1111:
1110:
1096:
1068:
1045:
1016:
983:
949:
930:
904:
878:
860:
834:
820:
793:
774:
756:
742:
730:The Accountant
716:
690:
661:
634:
623:. mainly macro
607:
605:
602:
600:
599:
594:
589:
587:Public finance
584:
579:
574:
569:
564:
559:
554:
548:
547:
546:
530:
527:
456:reported that
378:
375:
367:Richard Murphy
354:
351:
324:
323:
321:
320:
313:
306:
298:
295:
294:
286:
285:
280:
273:
272:
269:Dangerous Hero
265:
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234:
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226:
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216:
211:
206:
201:
193:
191:
190:
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179:
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168:
163:
162:
161:
154:Shadow Cabinet
151:
150:
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139:
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128:
123:
118:
110:
108:
107:
102:
97:
92:
87:
82:
81:
80:
75:
62:
61:
58:
57:
44:a series about
38:
15:
13:
10:
9:
6:
4:
3:
2:
1581:
1570:
1567:
1565:
1564:Jeremy Corbyn
1562:
1561:
1559:
1549:
1539:
1537:
1532:
1527:
1525:
1520:
1515:
1511:
1498:
1490:
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1486:
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1471:
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1411:
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1408:
1404:
1397:
1394:
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1369:
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1365:
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1354:
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1307:
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1302:
1300:
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1249:
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1241:
1237:
1231:
1222:
1211:
1208:
1204:
1201:
1199:
1196:
1195:
1194:
1191:
1189:
1186:
1185:
1183:
1181:
1177:
1170:
1166:
1163:
1160:
1157:
1154:
1153:
1150:
1146:
1145:Jeremy Corbyn
1139:
1134:
1132:
1127:
1125:
1120:
1119:
1116:
1106:
1100:
1097:
1085:
1084:
1079:
1072:
1069:
1056:
1049:
1046:
1034:
1030:
1026:
1020:
1017:
1004:
1000:
995:
987:
984:
972:
968:
964:
960:
953:
950:
945:
941:
934:
931:
919:
915:
908:
905:
893:
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861:
849:
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835:
830:
824:
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809:
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804:
797:
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789:
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766:
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752:
746:
743:
731:
727:
720:
717:
705:
701:
694:
691:
679:
675:
671:
670:Bootle, Roger
665:
662:
648:
644:
638:
635:
622:
618:
612:
609:
603:
598:
595:
593:
590:
588:
585:
583:
580:
578:
575:
573:
570:
568:
565:
563:
562:Fiscal policy
560:
558:
555:
553:
550:
549:
544:
533:
528:
526:
524:
520:
519:
518:New Statesman
513:
511:
507:
503:
502:Robert Peston
499:
498:
493:
489:
484:
482:
478:
473:
471:
467:
463:
462:Standard Life
459:
455:
451:
449:
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439:
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430:
426:
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421:
416:
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410:
405:
403:
398:
395:
394:
389:
385:
384:Lisbon Treaty
376:
374:
372:
368:
363:
360:
352:
350:
348:
344:
340:
339:Jeremy Corbyn
336:
332:
328:
319:
314:
312:
307:
305:
300:
299:
297:
296:
291:
284:
281:
279:
278:Personal life
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189:
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177:
174:
173:
172:
169:
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157:
156:
155:
152:
148:
145:
144:
143:
142:2015 election
140:
138:
135:
134:
127:
124:
122:
119:
117:
114:
113:
106:
103:
101:
98:
96:
93:
91:
88:
86:
83:
79:
76:
74:
71:
70:
69:
66:
65:
64:
63:
54:
52:Jeremy Corbyn
39:
36:
32:
31:
27:
22:
1440:
1433:
1426:
1419:
1412:
1406:In the media
1396:Piers Corbyn
1360:2018 (local)
1303:
1256:Labour Party
1099:
1087:. Retrieved
1081:
1071:
1061:20 September
1059:. Retrieved
1048:
1038:17 September
1036:. Retrieved
1032:
1019:
1009:19 September
1007:. Retrieved
998:
986:
974:. Retrieved
963:The Guardian
962:
952:
944:The Guardian
943:
933:
921:. Retrieved
917:
907:
897:20 September
895:. Retrieved
892:The Guardian
891:
881:
873:The Guardian
872:
863:
853:20 September
851:. Retrieved
848:The Guardian
847:
837:
823:
814:14 September
812:, retrieved
808:the original
802:
796:
787:
777:
768:
759:
745:
735:26 September
733:. Retrieved
729:
719:
709:23 September
707:. Retrieved
704:The Guardian
703:
693:
683:17 September
681:. Retrieved
677:
664:
653:14 September
651:. Retrieved
647:the original
637:
627:20 September
625:. Retrieved
611:
543:Money portal
516:
514:
495:
485:
477:Paul Krugman
474:
453:
452:
441:
425:The Guardian
424:
418:
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1453:Corbynmania
1164:(2015–2020)
1158:(2015–2020)
1057:. CNBC News
438:poor people
341:during the
183:Corbynmania
111:Backbencher
1558:Categories
1198:frontbench
1180:Leadership
604:References
440:hardest.
137:Leadership
1398:(brother)
1318:Elections
976:6 October
971:0261-3077
923:20 August
790:. London.
429:economist
194:Elections
1536:Politics
1497:Category
1373:European
1280:Policies
1261:Momentum
1239:Politics
1089:11 March
1083:BBC News
1003:Archived
769:BBC News
529:See also
497:BBC News
466:downturn
417:and the
377:Reaction
147:campaign
1510:Portals
1378:general
1353:general
1167:MP for
494:, then
1389:Family
969:
353:Policy
1368:local
1364:2019
1348:local
1344:2017
1333:local
1329:2016
1091:2016
1063:2015
1040:2015
1011:2015
978:2016
967:ISSN
925:2015
899:2015
855:2015
816:2015
737:2015
711:2015
685:2015
655:2015
629:2015
508:and
479:and
458:HSBC
105:StWC
431:at
335:PQE
100:AAM
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