Following a request I have now reminded myself of the so called Bradbury pounds. It is a very similar device to creating money and buying gilts through the Bank of England, a nationalised bank which is therefore backed by and working with the Treasury. The authorities do not think it would be a good idea to print more money now, as it could prove inflationary. When they did choose to print they did so by a different route, which did not make a lot of difference to the idea. Buying up government bonds allowed them to spend more in the public sector without facing a debt or interest rate constraint on their spending.
About John RedwoodJohn Redwood has been the Member of Parliament for Wokingham since 1987. First attending Kent College, Canterbury, he graduated from Magdalen College, and has a DPhil from All Souls, Oxford. A businessman by background, he has been a director of NM Rothschild merchant bank and chairman of a quoted industrial PLC.
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