Last year, Reform UK came up with a cunning wheeze to scrap the Bank of England’s ability to pay interest on reserves, saving ￡35bn. Readers may recall our big explainer on central bank reserve frameworks that kicked the tyres of the idea.
Over in America they do everything bigger. Four minutes and 47 seconds into this CNBC interview, Texas senator Ted Cruz drops his bomb:
The Federal Reserve pays banks interest on reserves. For most of the history of the Fed they never did that. But for a little over a decade they have. Just eliminating that saves a trillion dollars.
A trillion dollars
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