The first thing we need to spread growth and prosperity more widely around our country is a Central Bank in tune with current worldwide Central Bank thinking and concerned to promote growth.
From India to the USA, from Australia to Brazil, from Turkey to Mexico Central Banks have been cutting interest rates to stimulate more growth against a backdrop of world manufacturing recession.
In the last month the Fed has put $150bn into markets to facilitate more productive bank lending, whilst the ECB is now creating Euro20bn extra each month to boost money growth. The Bank of Japan remains on full throttle Quantitative easing.
The UK has the slowest rate of money growth in the advanced world thanks to the Bank of England’s do nothing policy. Time for the Bank to get with the mood of the country which wants more prosperity.