Where id agree with you is that infinite QE is ineffective. The marginal gain of another £1bn QE after you’ve done eg £500bn is pretty much zero.

Well I’d just say cutting the price of money (rates) while reducing the supply of it, is unlikely to increase demand. Or to nod in the ECB’s direction, you’re more likely to increase demand by cutting the price, telling people you’ll keep it low, and increase supply (all at the same time)

I recall a session with an ECB policymaker where they outlined the three levels of monpol- rates, QE/QT, forward guidance.

They studied ex-post data of all three levers. The data overwhelmingly showed it was the combo of all 3 at the same time that worked.

I think the problem is that cutting bank rate (easing policy) while enacting QT (tightening policy) is like trying to drive with the accelerator and brake pedal both down.

Dodgy data point for the 19th vingtile, or some odd explainer for that? Genuine question.

While there is no lifetime cap on pensions contributions (paid before tax), there is a poor case for a lifetime ISA cap (paid out of post tax income).