The Bank of England (BoE) should scrap its rate-setting committee and use quantitative easing as its main monetary tool — before losing its monetary powers altogether, according to a new study.
The bank should also cease targeting inflation and instead focus on nominal (non-inflation adjusted) gross domestic product, "dissident" economist, Anthony Evans, added in the report. This was published on Monday by the Adam Smith Institute (ASI), a U.K. free-market think tank.