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The Money Supply, Economic Management and the Gilt-Edged Market

Published online by Cambridge University Press:  18 August 2016

G. T. Pepper
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Extract

We unfortunately have a system under which Exchequer financing can, and does, lead to the creation of money quasi-automatically to the extent that the requirements of the Exchequer are not met by genuine savings or taxation. This is the outcome of a financing system perfected in two world wars, when the dangers inherent in the creation of money obviously took second place to other considerations. The utilization of this system in peace-time clearly calls for the utmost restraint.

The Earl of Cromer as Governor of the Bank of England in a speech on 18 May 1966.

The subject of the money supply suddenly became most topical in the Autumn of 1968. It is of importance to investment, in general because of possible changes in the economic management of the United Kingdom, and in particular because of the possible implications for the gilt-edged market.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 96 , Issue 1 , June 1970 , pp. 1 - 46
Copyright
Copyright © Institute and Faculty of Actuaries 1970

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