The Bank of England should be given the power to cut interest rates into negative territory and take steps towards a higher inflation target to help future-proof the nation’s finances in the event of further crises, according to a report.
The Resolution Foundation said the economic crises over the past 15 years have already seen the UK’s debt to GDP ratio soar from 36% in 2007 to around 100% – the largest peace-time rise in more than 300 years.
