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24  Without the monetary stimulus, GDP in the UK would have been around 8% lower,  unemployment 4 percentage points higher and the level of consumer prices 20% lower. Although there are significant uncertainties around these estimates, especially at crisis time, these effects are clearly large. The second mapping is from these macro-economic aggregates to the balance sheets of households. This mapping focusses on four main channels of transmission: (a) cash flow channel (the direct effects on households’ interest payments and receipts); (b) labour income channel (the effect on household wages and  23  The same is true of other measures of inequality, such as the 90/10 ratio. Sampling issues mean caution is needed when interpreting in particular the wealth-based measures of inequality. 24 See Carney (2016) and Haldane (2016) for more details. Lower interest rates and QE operate through slightly different transmission channels. 8  All speeches are available online at www.bankofengland.co.uk/speeches  8  employment); (c) wealth channel (the effect on households’ financial, housing and pension wealth); and (d) inflation channel (the effect of prices on real household deposits and debt). 25  The key point is that these multiple channels of monetary transmission are fully recognised and calibrated. Some of these channels are direct and immediate, such as cash flow. Others are indirect and slower-acting, such as labour income. By combining them, we can calibrate the general equilibrium consequences of the UK’s monetary relaxation on the economy, in aggregate and across cohorts.