Treasury should tax big banks on quantitative easing windfalls, argues thinktank

IPPR says Rachel Reeves should also urge Bank to halt bond sales to reduce government losses of 22bn a year

Rachel Reeves should levy a new bank tax and urge the Bank of England to halt bond sales to reduce the government's 22bn-a-year losses from quantitative easing, the IPPR thinktank has argued.

In a report called Fixing the Leak, the IPPR's associate director for economic policy, Carsten Jung, says the Treasury should rein in the costs of QE as public finances are tight.