Closed petition Vote to Raise Interest Rates and Stop QE

Closed on 15 August 2012

The combination of quantitative easing and the record low interest rate of 0.5% set by the bank of england's monetary policy committee is allowing inflation to remain dangerously high (CPI is at approximately 4.5%-5%) whilst savers get neglible rates of interest on their savings/pensions etc. Combined these greatly reduce the spending power of UK citizens. They are further fuelling a dangerous speculative bubble and climate of malinvestment that hinders the efforts to rebalance the economy and keeps our economy tied in to the boom and bust cycle.

We call for the 4 members of the MPC appointed by the chancellor to vote at the next meeting to raise interest rates from their record low of 0.5% to 1% and to cut the quantitative easing program from £200bn to £100bn with a view to stop it entirely at the following meeting - they should also make the argument to the committees other members and encourage them to do the same.