Recently, Bank of England Governor Andrew Bailey publicly opposed proposals by the UK government to tax profits generated from its Quantitative Easing (QE) program. He warned that such a tax would undermine the central bank’s independence and potentially interfere with the effective implementation of monetary policy. Between 2009 and 2021, the Bank of England purchased large quantities of government bonds through QE to stimulate the economy in response to the financial crisis and the COVID-19 pandemic. As interest rates rose, the market value of these assets declined, resulting in accounting losses for the central bank. However, some government officials argue that the Bank earned substantial interest income during earlier phases and should be taxed to help offset the fiscal deficit.Bailey emphasized that the Bank’s profits or losses are byproducts of monetary operations and should not be treated as regular fiscal revenue. Taxing QE-related gains would blur the line between monetary and fiscal policy, eroding market confidence in the central bank’s independence and credibility. Moreover, it could constrain the Bank’s ability to respond flexibly to future economic shocks. Experts widely agree that preserving central bank independence is essential for ensuring long-term price stability and a healthy financial system. Therefore, despite current fiscal pressures, taxing QE profits is neither a sound nor sustainable solution.
近日，英国央行行长安德鲁·贝利（Andrew Bailey）公开反对政府对量化宽松（QE）政策所产生利润征税的提议。他指出，此类税收不仅会削弱央行的独立性，还可能干扰货币政策的有效实施。在2009年至2021年间，英国央行通过QE购买了大量政府债券，以刺激经济、应对金融危机和新冠疫情。随着利率上升，这些资产的市场价值下降，导致英国央行出现账面亏损。然而，政府部分人士认为，央行在早期阶段曾获得可观的利息收入，应对此征税以弥补财政赤字。贝利强调，央行的利润与亏损本质上是货币政策操作的副产品，不应被视作常规财政收入。若政府对QE相关收益征税，将模糊货币政策与财政政策之间的界限，进而影响市场对央行独立性和政策可信度的信心。此外，这种做法可能在未来限制央行灵活应对经济冲击的能力。专家普遍认为，维持央行独立性对于确保长期价格稳定和金融系统健康至关重要。因此，尽管财政压力存在，对QE获利征税并非合理或可持续的解决方案。
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