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Post by see2 on Sept 20, 2023 22:43:14 GMT
Who gave the Bank of England control of inflation? It is your posts that are so often fucking useless. I have been looking at politics since the late 1950s. One thing that hasn't changed is the nasty trait of Conservatives for insults and denigration. States someone who calls others fucking useless. Classic c2 have you anymore jokes to share? Your always good for a laugh, thanks  |
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Post by Vinny on Sept 20, 2023 23:30:26 GMT
Labour spent 19 years in the wilderness with a reputation for fiscal incompetence. It was in their interest to hand control of interest rates to the Bank of England to improve their political image and reputation.
Unfortunately from the second term onwards, Gordon Brown blew the golden legacy he had inherited from Kenneth Clarke.
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Post by Pacifico on Sept 21, 2023 6:34:44 GMT
Labour spent 19 years in the wilderness with a reputation for fiscal incompetence. It was in their interest to hand control of interest rates to the Bank of England to improve their political image and reputation. It was a good stunt at the time but it has proven to be a rather large error. The bank’s mandate was simple: to target inflation at 2% - however the only tool it has is interest rates. The problem for the ‘independent’ Bank of England is that it does not have access to the levers that could properly help to control inflation – price caps, rent freezes, windfall taxes. Those rightly sit with elected politicians. Hence the recent increases in interest rates that actually stoked inflation by pushing up mortgage rates.. This is certainly worth a read.. The bank’s fixation on inflation targets, regardless of the cost to society, is among New Labour’s worst legacies.
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