In an interview with the Britain’s Daily Telegraph columnist Liam Halligan, Tory MP David Davis, who has held a seat in the Parliament for the Conservative Party since 1987, came out strongly for Glass-Steagall and against the Bank of England’s repeated quantitative easing. He also warned Prime Minister David Cameron not to ignore the significance of the election victory of the UK Independence Party that wants to pull out of the European Union. According to Davis, the Cameron government got “a wake-up call with a baseball bat” when the UKIP won significantly in last week’s elections.
On the economy, Davis lambasted the continued QE policy and Bank of England Governor Mark Carney. Davis believes the first round was “necessary,” but “then it became more and more toxic,” Davis told Halligan. “The poison hasn’t started to work yet, in inflation terms, but it will…. We should signal we are phasing it out. But once you are on the opium of QE and help-to-buy, getting off them is a problem.”
“The more I think about this, the more I want a Glass-Steagall split,” Davis said.