BIRMINGHAM, England Oct 5 British Prime
Minister Theresa May said on Wednesday that there had been bad
side-effects from the Bank of England's emergency measures to
protect the economy since the financial crisis and the time had
come for a new approach to spurring growth.
"While monetary policy with super-low interest rates and
quantitative easing provided the necessary emergency medicine
after the financial crash, we have to acknowledge that there
have been some bad side-effects," May said in a speech to the
annual conference of her ruling Conservative Party.
"People with assets have got richer, people without them
have suffered; people with mortgages have found their debts
cheaper, people with savings have found themselves poorer," she
said. "A change has got to come and we are going to deliver it."
Bank of England Governor Mark Carney has previously said
that the ability of central bankers to keep on helping their
economies was limited and governments needed to take action to
secure long-term growth.
May also reiterated in her speech that her government would
"continue to aim for a balanced budget." She has previously
scrapped the target of former finance minister George Osborne to
turn the country's budget deficit into a surplus by 2020 but has
said she still wants to get the public finances into the black.
(Reporting by Kylie MacLellan, Elizabeth Piper and Stephen
Addison; writing by William Schomberg, editing by David