Below is the text of the comments made by Anneliese Dodds, the Shadow Chancellor of the Exchequer, on 18 June 2020.
Clearly this is an unprecedented intervention by the Bank of England. However, the impact of monetary measures are necessarily limited in the current macroeconomic environment.
We now need the Government to step up to the plate and take the fiscal measures required. This is especially important given that the UK is lagging behind other nations in announcing its stimulus package. We need a Back to Work Budget with just one focus – jobs, jobs, jobs.