PoliticsHome have published an email exchange between Steve Baker and Austin Mitchell, Labour MP for Great Grimsby:
The controversial strategy of increasing the money supply by ‘quantitative easing’ (QE) is being applied both here and abroad in a bid to stimulate stagnant economies. But aside from the practical question of whether QE works, Steve Baker MP and Austin Mitchell MP disagree about its moral and social consequences
Steve opens as follows:
I have always wondered why anyone on the left would support quantitative easing (QE), which is an obvious wealth transfer from the poor to the rich, and one bound to store up problems for the future. Public debate focuses on aggregates like the total money supply but new money always goes to someone first, giving them a purchasing power advantage. QE is bound to benefit those who receive new money from the Bank of England.
The entire dialogue is well worth reading in full.