الجزارا فارسی
روایت خاورمیانه 
In recent years, there has been increasing criticism regarding the large subsidies that the Bank of England provides to commercial banks. These subsidies amount to approximately £24 billion annually, and many experts believe that this expenditure is not only unnecessary but should be significantly reduced due to the profitability of these banks.
Unjustified subsidies or interest rate control?
The Bank of England pays an interest rate of 3.75% on reserve deposits held by commercial banks. This rate, for approximately £640 billion in deposits, translates to a transfer of £24 billion from public resources to profitable banks. This action is intended to control the banks' lending rates, but the question is whether this method is truly effective?
Changing approach, significant savings
Many experts emphasize that substantial savings could be achieved by paying interest only on a portion of these deposits. For example, if the Bank of England were to pay interest on only 20% of the deposits, it could save over £19 billion annually. This approach would not only help reduce the financial burden on the government but could also lead to improved efficiency in monetary policy.
Given the current economic situation and the need for better management of public resources, we must seriously address the question of whether these large subsidies to commercial banks are truly justifiable. Is it not time for the Bank of England to reconsider its policies?
