All posts tagged: Central banks

Nigel Farage: ‘I’ll tax banks, I don’t like them’

Nigel Farage: ‘I’ll tax banks, I don’t like them’

Reform UK leader Nigel Farage said he doesn’t like banks and will scrap interest payments British lenders receive through the Bank of England’s quantitative easing program.  The Reform Party included the proposal to end the practice of the U.K. central bank paying interest on the reserves placed with it by banks in its 2024 manifesto, which it claimed would bring in up to £40 billion for taxpayers.  “We are going to do it. Some of the banks won’t like it. Well, I don’t like the banks very much because they debanked me, didn’t they?” Farage said in an interview with Bloomberg at the World Economic Forum in Davos.  “This will be tough for banks to accept, but I am sorry, the drain on public finances is just too great. It’s not a tax. They are just not going to get free money anymore. They’ll adjust; business always does.” The BoE currently pays interest on the bank reserves created during the post-global financial crisis quantitative easing (QE) program. That money is now largely held on deposit …