Osborne: Rich richer because of monetary policy
The rich have become richer because of the UK's policies of low interest rates and quantitative easing, former Chancellor George Osborne has said.
Talking to Bloomberg TV, he said that UK monetary policy had made "life difficult for ordinary savers".
The policies were brought in after the banking crisis of 2008 and the subsequent recession.
He said the policies had been "very necessary" to keep the economy strong, but their impact had to be mitigated.
"We need to offset the very necessary loose monetary policy, and the distributional consequences that is having.... read more
- 08:24 Tributes after legendary local football figure dies
- 08:23 Property expert reveals where in Grimsby and Cleethorpes is best...
- 08:23 Badminton: Double delight for Diane Gillan at Scottish Championships
- 08:22 Here’s how you can cancel your Labour party membership
- 08:22 Challenge of delays in leaving hospital
- 08:21 Lorry driver rescued by Lincolnshire’s Deputy Police and Crime...
- 08:20 Zachary Quinto slams Trump over transgender students at Oscar...
- 08:20 Guus Hiddink on Leicester City’s shortlist to replace Claudio Ranieri
- 08:20 Lorry driver rescued by Lincolnshire’s Deputy Police and Crime...
- 08:20 Should Nottingham's Brian Clough statue be moved to the City Ground?
- 08:19 Littletown defeat league leaders and remain on course for treble
- 08:17 In Japan, 'Rocky' and 'Premium Friday' join fight against overtime
- 08:17 Chelsea first-team star could be shipped out this summer: Here's why
- 08:16 The Walking Dead's Jeffrey Dean Morgan SLAMS 'stupid people'...
- 08:13 Storm Doris sees Boston’s Sluice Bridge level crossing stuck shut
- 08:12 Middlewood Park and Ride closed this Sunday for maintenance work
- 08:10 Vital Foresight youth club saved thanks to £66,000 grant funding...
- 08:10 Health minister Philip Dunne backing midwife-led maternity units
- 08:10 Work to start on converting Newport's Royal Victoria Hotel into flats
- 08:10 Shropshire councillors freeze annual allowances
- 08:10 Spared jail: Telford teenager sexually assaulted woman as she slept
- 08:10 Shropshire savers lose out as building society cuts rates
- 08:10 Paul Nuttall defiant despite humiliating defeat in Stoke Central...
- 08:10 Shropshire pub raiders steal cash, alcohol and laptop
- 08:10 Person 'unaccounted for' after Shropshire house fire
- 08:10 Every goth needs these skull shaped bath bombs
- 08:09 90 Lancaster firms will be hit by contractor shake-up
- 08:09 Musical La La Land could make Oscar history this weekend
- 08:09 The Batman news: Ben Affleck REACTS to Matt Reeves taking over as...
- 08:08 Oil futures suggest bullish funds' big bet on price may pay off