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Guest wrongmove

Bank Row With Brown Over Mpc Breaks Into The Open

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Guest wrongmove

Bank row with Brown over MPC breaks into the open

" Mervyn King yesterday criticised Gordon Brown's record on selecting new members for the Bank of England's interest rate committee as "informal" and leading to last-minute appointments.

In unusually candid remarks to MPs, the Bank's governor called on the Treasury to establish a timetable for replacing people leaving the Monetary Policy Committee.

It is the first time that private anger felt by officials at the Bank over delays in appointments has broken out into the open.

The intervention came as the MPC prepares to hold its next rate-setting meeting with just seven out of a full complement of nine members for the first time in its nine-year history.

In his testimony to the Commons Treasury Select Committee, Mr King said the appointment process was a key area where institutional arrangements were "not clear", adding: "We have something that is informal and seems to result in appointments being made at the last minute. I don't think anyone benefits from that. I would expect a more systematic process."......."

Cunning ! We all know from certain posters that the BoE IS Gordon Brown. So now Brown is criticising himself ! This is very smart of him. By lowering his own credibility by this criticism, and that of the BoE itself, he achieves.....? :blink:

Maybe the BoE is a little more independent than some people would have us believe...

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Fully agree with your sentiment wrongmove. I know I'm just a Civil Servant and so sponge parasitically off all you hard working normal folk, but at least this gives me an insight into the workings of Government. And I can assure you that in central ministries there are some very 'independent spirited' folk. In a body such as the BoE which has a charter of independence, I'd have thought Gordon Brown trying to influence the thinking of Merv et al would be like herding cats. I suspect that even the so-called Brown-acolytes appointed more directly by Brown develop a remarkable independence of spirit once actually empowered and appointed.

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I'd have thought Gordon Brown trying to influence the thinking of Merv et al would be like herding cats. I suspect that even the so-called Brown-acolytes appointed more directly by Brown develop a remarkable independence of spirit once actually empowered and appointed.

Agreed and agreed

fp

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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