Uploaded November 2022 | Updated September 2026, 2 weeks ago
In the UK, we face enormous costs from energy bills, healthcare backlogs and much more. While raising taxation to pay for it all would pile even more pressure on the wider economy, many worry that the government’s review of all tax rates will do little to help struggling households and businesses through the current cost of living crisis. On the other hand, borrowing more would mean huge sums being spent on debt interest rather than on providing services.
One solution favoured by many, particularly advocates of modern monetary theory (MMT), is for the Bank of England to simply issue more money. After all, that has been done on an enormous scale in the wake of the 2008 financial crisis. Since 2009, the BoE has issued £895 billion worth of bonds. If quantitative easing is good enough to save the banks, some argue, why not do it to support the rest of society? But critics argue that this central bank largess has been an important factor in rising inflation, with the net effect of forcing down living standards.
At a time of crisis, shouldn’t we consider extraordinary measures – or are we simply postponing difficult choices? What’s wrong with printing more money?
The speakers are:
Frances Coppola
Financial writer, Coppola Comment; author, The Case for People’s Quantitative Easing and The Absolute Essentials of Banking
James Woudhuysen
Visiting professor, forecasting and innovation, London South Bank University
The Chair is Rob Killick, CEO, Clerkswell; author, The UK After The Recession
Filmed by WORLDwrite volunteers at the Battle of Ideas Festival in October 2022. Please help us bring you more great debates from the festival by making a donation to help keep our volunteer centre open and edit suites switched on. It's easy to chip in on our JustGiving page at justgiving.com/worldwrite or hit the THANKS button above on YouTube and donate a fiver! Every penny counts and we are hugely grateful.
In the UK, we face enormous costs from energy bills, healthcare backlogs and much more. While raising taxation to pay for it all would pile even more pressure on the wider economy, many worry that the government’s review of all tax rates will do little to help struggling households and businesses through the current cost of living crisis. On the other hand, borrowing more would mean huge sums being spent on debt interest rather than on providing services.
One solution favoured by many, particularly advocates of modern monetary theory (MMT), is for the Bank of England to simply issue more money. After all, that has been done on an enormous scale in the wake of the 2008 financial crisis. Since 2009, the BoE has issued £895 billion worth of bonds. If quantitative easing is good enough to save the banks, some argue, why not do it to support the rest of society? But critics argue that this central bank largess has been an important factor in rising inflation, with the net effect of forcing down living standards.
At a time of crisis, shouldn’t we consider extraordinary measures – or are we simply postponing difficult choices? What’s wrong with printing more money?
The speakers are:
Frances Coppola
Financial writer, Coppola Comment; author, The Case for People’s Quantitative Easing and The Absolute Essentials of Banking
James Woudhuysen
Visiting professor, forecasting and innovation, London South Bank University
The Chair is Rob Killick, CEO, Clerkswell; author, The UK After The Recession
Filmed by WORLDwrite volunteers at the Battle of Ideas Festival in October 2022. Please help us bring you more great debates from the festival by making a donation to help keep our volunteer centre open and edit suites switched on. It's easy to chip in on our JustGiving page at justgiving.com/worldwrite or hit the THANKS button above on YouTube and donate a fiver! Every penny counts and we are hugely grateful.
