People's Quantitative Easing

[7] It would also clash with Article 123 of the EU's Lisbon Treaty which prevents central banks from printing money to finance government spending and could cause a legal battle with the European Court of Justice.

[10] On 3 August 2015, Labour's shadow chancellor, Chris Leslie, criticised the proposal on the grounds that it could provoke higher inflation and interest rates.

[11] However, economist Robert Skidelsky offered a qualified endorsement of Corbyn's proposals to carry out PQE through a National Investment Bank,[12][13] and both The Guardian and the Financial Times have published articles complimenting the idea.

[16] The Independent published an article arguing that a limited amount of PQE would usefully increase employment and inflation, reducing the burden of debt accumulated since the financial crisis of 2007–08.

[19] Following the formation of the Economic Advisory Committee, announced on 27 September 2015 at the Labour Party Conference in Brighton, then BBC News Economics Editor Robert Peston contended that the composition of the panel, which included Simon Wren-Lewis and Joseph Stiglitz, signalled that the policy was probably dead, as he felt that while this particular group of economists would, "back the notion of the government taking advantage of prevailing low interest rates to borrow considerably more for investment in infrastructure," they would not support the ultra formulation of the policy, "for fear that the anti-inflationary credentials of the Bank of England would be destroyed", and that if the policy survived it would be as, "a contingent rainy-day monetary tool, for when the economy is next in direst straits.