The Old Lady breaks free

Article Abstract:

The Bank of England is to assume responsibility for interest rate decisions in a move which has been hailed as radical by UK Chancellor Gordon Brown. This follows his decision to increase interest rates by a quarter-point to 6.25%. The changes at the Bank of England are among a number of policy moves made by Whitehall departments. These include moves by the education department to abolish the nursery voucher scheme and the announcement by Home Secretary Jack Straw of an audit of prisons.

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Bank of England supervision chief expected to call it a day

Article Abstract:

The Banko of England is expected to see the resignation of Brian Quinn, who is its most senior executive director and has responsibilities including banking supervision, when his four-year contract expires in Feb 1996. He has faced a number of difficult situations during his period in office, with the Bank of England being criticised for regulatory failures. There are reports from the Treasury that government ministers are in favour of other executive changes at the Bank.

Officials and employees, Appointments, resignations and dismissals, Quinn, Brian

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At last, independence for the Bank

Article Abstract:

New UK Chancellor Gordon Brown has announced that the Bank of England will now have operational independence to set interest rates in order to achieve the inflation target set by the government. This decision has generally been warmly welcomed, even though it is possible that base interest rates will rise by more than they would otherwise have done in the short term. Brown has also announced a quarter-point increase in base interest rates, to 6.25%.

United Kingdom, Monetary policy

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