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The Bank later cut interest rates from 0.5% to 0.25% - and restarted its quantitative easing programme to support the economy.

Reform UK also plans a £35bn-a-year raid on banks by ceasing to pay interest on the £700bn of bonds held at the Bank of England as a result of the post-financial crisis Quantitative Easing programme.

Reform argues that the state should be significantly smaller, and also suggests a massive £35bn funding pot could be made available if the Bank of England stopped paying interest on the bonds it holds as a result of the post-financial crisis quantitative easing programme.

"This was quantitative easing, elites were liquidating resources and pouring more and more money into circulation. It would have had a big impact on people's lives. There would have been more thinking about money and more activity with money involving a far larger portion of society than before."

“The deficits today are even larger and occurring in boom times — not as the result of a recession — and they have been supported by quantitative easing, which was never done before the great financial crisis,” he writes.