Letter from the Treasury

From today’s mailman:

Dear Ms McNeill

Thank you for your letter dated 26 July 2008 about the supply of money, to the Chancellor of the Exchequer. We apologise it has taken this length of time to reply. The Chancellor receives a very high volume of correspondence and so it is not practical for him to respond to all the letters he receives. Therefore, I have been asked to reply on his behalf.

Your question is related to the operation of monetary policy, which is run independently of Government by the Bank of England in accordance with the Bank of England Act 1998. Therefore, it would be inappropriate for Government to comment on the Bank of England’s actions.

The Government has no plan to investigate the impact of the current composition of the UK money supply. However, we continue to monitor the situation.

Yours sincerely,

Azad Zangana
Macroeconomic & Fiscal Policy Directorate

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One response to “Letter from the Treasury

  1. My response to Azad Zangana was this one:

    Dear Mr Zangana

    Thank you very much indeed for taking the trouble to respond to my letter to the Chancellor.

    Within your macroeconomic policy, I now have the following questions:

    1. What is the basis for tonight’s BBC News item which stated that the Government will not print more money but borrow?

    2. What determines how much money the Government is printing?

    3. What statistics and metrics are you using to “monitor the situation”, as you write?

    With many thanks in advance,

    Yours sincerely,

    Sabine K McNeill FRSA
    Organiser, Forum for Stable Currencies

    Forum for Stable Currencies, website with > 1,570 hits

    In the Spirit of the Forum for Stable Currencies, blog with > 3,260 hits

    Green Credit for Green Growth, blog with > 3,110 hits

    21a Goldhurst Terrace
    London NW6 3HB

    T: +44 207 328 3701
    M: 07968 039 141

    By today I still haven’t had an answer.

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