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George Osborne bags £35bn windfall from QE
The Chancellor has bagged a £35bn windfall that will reduce public borrowing by reclaiming the surplus cash sitting in the Bank of England's £375bn quantitative easing programme. The change in policy will cut both the public debt and budget deficit, flattering the public finance figures when the Office for Budget Responsibility updates its outlook at the Chancellor’s Autumn statement next month. Critics immediately accused George Osborne of fiddling the books, but the Treasury insisted that the move will draw Britain into line with the US and Japan, which also have big QE programmes. Under the current ... (full story)