Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Lord Pitt-Watson on 1 September (HL2691), what was the cost of obtaining the photographic licence to illustrate the HM Treasury accounts with the image of the Can’t we just print more money books; and whether HM Treasury endorses the book’s substantive recommendation on not printing more money as a tool of fiscal and monetary policy.

The image was selected from HM Government's approved image library because it was relevant to the subject matter discussed in the Annual Report and Accounts. In particular, it related to quantitative easing and the Bank of England Asset Purchase Facility Fund Limited (BEAPFF), which is associated with the most material elements of HM Treasury's accounts. The Government agrees that increasing the money supply cannot by itself increase the economy's productive capacity or sustainably raise living standards. The Government's monetary policy framework is based on the objective of maintaining low and stable inflation through an operationally independent Bank of England.