The Guardian: Bank of England's £120bn Bill Raises Accountability Concerns Over Monetary Policy

Summary

The Guardian editorial criticizes the Bank of England's quantitative tightening policy, which could cost the Treasury £120bn, arguing it blurs the lines between monetary and fiscal policy and undermines the Bank's accountability. The article suggests rethinking the policy and ending the Treasury's indemnification of the Bank for its losses, highlighting concerns about the power of an unelected monetary policy committee over significant public spending decisions.