How young spinners of Whitehall angered an independent Old Lady

Article Abstract:

Some observers have been expressing doubts about whether the Bank of England's Monetary Policy Committee is genuinely independent. In particular, there are concerns about interference in the committee's decisions about interest rates by the Treasury. This has caused tension between the Bank of England and the Treasury. Charlie Whelan, press adviser to Chancellor Gordon Brown, reacted very angrily when the Financial Times revealed that the Treasury was undertaking a covert campaign to gain a reduction in interest rates.

Interest Rates

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The MPC must keep the target in its sight

Article Abstract:

The Bank of England's Monetary Policy Committee (MPC) is encountering a number of difficulties as it seeks to fulfill its responsibility for setting base rates. It is committed to giving priority to the government's inflation target, and it would not be reasonable to blame the MPC if the inflation target is met but the economy also falls into recession at the same time. The MPC must remain focused on inflation, and should not give too much attention to the behaviour of sterling or to productivity and employment.

Prices, Inflation (Finance), Inflation (Economics)

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We need this shake-up in the corridors of power

Article Abstract:

Independent economists have reacted with cynicism to plans by the UK Labour party to undertake extensive reforms of the economic advisory functions of the Bank of England and the Treasury if it wins the forthcoming general election. However, the Labour party is right to want to depersonalise economic decision-taking and to increase outside influence in the Bank of England and the Treasury. Changes would include dividing up the role of Howard Davies, deputy governor of the Bank of England.

Labour Party (United Kingdom), United Kingdom. Treasury

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