Reform UK pledges to tackle BoE interest payments to banks on QE reserves

'A move that is sure to stir the political pot'

Reform UK has argued that the “Bank of England must stop paying interest to commercial banks on quantitative easing reserves” in its manifesto launch today (17 June).

Reform's manifesto, which it is calling a "contract" with the people, stated that BoE reform would be one of the "critical reforms needed in the first 100 days", should the party be elected. Lib Dems push for BoE independence, steady inflation and financial inclusion Prominent figures in the Reform UK party had already suggested that the BoE should stop paying interest on the remaining £700bn of commercial bank deposits created by years of quantitative easing, ideas leader Nigel Farage reiterated at the launch in Wales today. According to the manifesto, "this approach would save ar...