Economists Agitate for "Helicopter Money" in Britain

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While "helicopter money" is not on the Bank's agenda, one City economist said he could envisage public investment being financed by the Bank. David Owen, the managing director of Jefferies International, said: "November should see publication of the new chancellor's autumn statement. The timing of this could be brought forwards, to broadly coincide with the BoE's November inflation report (on the 3rd). What chance the government finances investment projects using infrastructure bonds which the Bank of England ultimately buys?"

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While accepting that QE might have been needed in 2009 to free the logjam in the City's lending market, the letter adds: "The risks facing our economy have little to do with the availability of liquidity in the financial sector, and all to do with businesses and households cutting spending due to an increasingly uncertain economic outlook.