Many of Labour's proposals, such as Great British Energy, are welcome. But this column has been sceptical about whether they would meet the scale of the challenges Britain faces without substantial funding or effective mechanisms for socially directing investment.
On the Bank's balance sheet, it considers as assets the bonds bought under QE. The hole in the Bank's finances gets bigger as it briskly sells large amounts of bonds for less than it paid for them. Unlike in most other major economies, the Bank's losses are indemnified by the Treasury.
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