Bishop of St Albans asks about wages and house prices

On 3rd December 2020 the Bishop of St Albans received a written answer to a question on the effect of quantative easing on wages and house prices:

The Lord Bishop of St Albans: To ask Her Majesty’s Government what assessment they have made of the effects of quantitative easing on the increase in house prices compared to increases in wages. [HL10488]

Lord Agnew of Oulton: Monetary policy, including decisions on quantitative easing, is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England. The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and essential for the effective delivery of monetary policy, so the Government does not comment on the conduct or effectiveness of monetary policy.
Detail on the impact of monetary policy, including quantitative easing, can be found in the Bank’s working paper: “The distributional impact of monetary policy easing in the UK between 2008 and 2014.”