Ex-Treasury mandarin Lord Macpherson is right to compare QE to heroin – it required ever bigger doses to derive a highThings have moved on in the civil service since the days of Yes Minister. Back then senior civil servants remained the soul of discretion even after retirement. When Sir Arnold Robinson has advice to give to his successor,Sir Humphrey Appleby, he does it over lunch at a Pall Mall club.
Lord Macpherson, and until recently the Treasury’s top mandarin,has some advice for the current government: it’s time to go on from quantitative easing, the scheme that has been pumping electronic money into the economy since early 2009.
Continue reading...
Source: theguardian.com