BOE Money Printing to Cost UK as Much as HS2, Ex-Official Says
The Bank of England’s quantitative easing program is on track to cost the UK taxpayer as much as the entire HS2 high-speed rail link that the government has scaled back on value-for-money grounds, according to a former BOE rate setter.Michael Saunders, who was on the Monetary Policy Committee between 2016 and 2022, said the £126 billion ($161 billion) “lifetime cost” to the taxpayer of central bank money printing, calculated using the government’s own official forecasts, is “similar to the full HS2 scheme adjusted to 2023 prices.” In October, Prime Minister Rishi Sunak scrapped the rail link’s northern leg as costs spiralled.