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Monetary Policy: Wealth

Question for Treasury

UIN HL14862, tabled on 13 April 2021

To ask Her Majesty's Government what assessment they have made of the impact of monetary policy on the distribution of wealth across different (1) age groups, and (2) regions of the UK.

Answered on

27 April 2021

Monetary policy, including decisions on Bank Rate and quantitative easing, is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England.

The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and essential for the effective delivery of monetary policy, so the Government does not comment on the conduct or effectiveness of monetary policy.

The Bank of England’s estimates on the distributional impacts of monetary policy can be found in the Bank’s working paper: “The distributional impact of monetary policy easing in the UK between 2008 and 2014.”

Answered by

Treasury