Panda Posted June 14, 2007 Share Posted June 14, 2007 http://news.bbc.co.uk/1/hi/uk_politics/6751761.stm Gordon Brown has announced changes to the way members of the interest-rate setting Bank of England monetary policy committee are appointed. External positions will be advertised for the first time and a timetable for replacing existing members will be published. Mr Brown says he wants to make the process more "open and accountable". Quote Link to comment Share on other sites More sharing options...
what Posted June 14, 2007 Share Posted June 14, 2007 http://news.bbc.co.uk/1/hi/uk_politics/6751761.stmGordon Brown has announced changes to the way members of the interest-rate setting Bank of England monetary policy committee are appointed. External positions will be advertised for the first time and a timetable for replacing existing members will be published. Mr Brown says he wants to make the process more "open and accountable". Great, i am really curious to why he appointed Blanchflower. Quote Link to comment Share on other sites More sharing options...
Fancypants Posted June 14, 2007 Share Posted June 14, 2007 "High inflation? Nowt to do with me guv!" Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted June 14, 2007 Share Posted June 14, 2007 Too late. The BOE's reputation is gone. I rue the day I ever believed a word that came out of their side of their mouths. Quote Link to comment Share on other sites More sharing options...
Panda Posted June 14, 2007 Author Share Posted June 14, 2007 The words "Scapegoats" comes to mind? Gordon has now got what he wants, its now over to you my old mate Mr Eddie Bulls, but by the way i am changing the rules, the goal posts have now moved? Quote Link to comment Share on other sites More sharing options...
Furby Posted June 14, 2007 Share Posted June 14, 2007 Apparently the first applicants for the new posts are a Mr D. Duck and a Mr. M. Mouse. F Quote Link to comment Share on other sites More sharing options...
REP013 Posted June 14, 2007 Share Posted June 14, 2007 Who's doing the interviews? Imagine the dialogue. Interviewer: Should IR's go up, down or stay the same? Interviewee: What ever you want, you're the boss. As my dad would say, "If things don't change they stay the same". Quote Link to comment Share on other sites More sharing options...
insidetrack Posted June 14, 2007 Share Posted June 14, 2007 (edited) I heard the BoE were headhunting the chuckle brothers for the Mpc to try and boost its credibility a bit. "To me to you" Edited June 14, 2007 by insidetrack Quote Link to comment Share on other sites More sharing options...
House of Lords Posted June 14, 2007 Share Posted June 14, 2007 They're holding a recruitment day today - pictures just in: Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted June 14, 2007 Share Posted June 14, 2007 The BOE should be run as a business, their budget should be pegged to the CPI and all their costs including rent on their premises should be paid at market rates. After all the bills are paid their wages can then be paid with whatever is left over. You'd soon see a little honesty in monetary policy when they are exposed to the same shit that they dish out to everybody else. Quote Link to comment Share on other sites More sharing options...
Guest casaloco Posted June 14, 2007 Share Posted June 14, 2007 Brown is trying to distance himself from the BoE so that when the BoE keep raising interest rates he can deny all responsibility. A wise move, shownig that we can expect allt he same spin from him that we got from Blair. Quote Link to comment Share on other sites More sharing options...
patprimer74 Posted June 14, 2007 Share Posted June 14, 2007 As my dad would say, "If things don't change they stay the same". If you've inherited his philosophical genius, then you must be a very proud person. p Quote Link to comment Share on other sites More sharing options...
REP013 Posted June 14, 2007 Share Posted June 14, 2007 patprimer74 Posted Today, 10:58 AMIf you've inherited his philosophical genius, then you must be a very proud person. p Your wit is astounding, in fact, I just shat my pants and cracked my head open when I fell from my chair after laughing so much. Quote Link to comment Share on other sites More sharing options...
patprimer74 Posted June 14, 2007 Share Posted June 14, 2007 Your wit is astounding, in fact, I just shat my pants and cracked my head open when I fell from my chair after laughing so much. High chair? p Quote Link to comment Share on other sites More sharing options...
jp1 Posted June 14, 2007 Share Posted June 14, 2007 Typical Brown - The Conservatives announce a policy which the Beeboids ignore, and the next morning McStalin steals it and his pronouncement gets prime BBC coverage - all with the full "Gordon's no control freak - he's giving away more powers!" spin-cycle UK's Brown should look to enhance BoE independence tomorrow - oppositionWed, Jun 13 2007, 15:57 GMT http://www.afxnews.com LONDON (Thomson Financial) - Chancellor of the Exchequer Gordon Brown should use his final appearance in front of the Treasury Select Committee tomorrow to unveil measures to enhance the independence of the Bank of England, his shadow in the Conservative Party, George Osborne, said today. In a speech to the Reform think-tank, Osborne said Brown, due to become Prime Minister on June 27, should announce ways to make the appointment of the four external members on the Monetary Policy Committee more transparent, and grant the Treasury Select Committee, as well as the governor of the Bank, more scrutiny powers over the appointment. The current set-up has involved Brown appointing the individuals in secrecy and without any external consultation. This, Osborne said, breaches the standard principles by which public appointments are made. Osborne also said the independence of the nine-member MPC would be further enhanced by moving to longer, non-renewable terms for external members and for the governor himself. "Together these reforms would strengthen the credibility of the macro-economic framework," Osborne said. "Instead of waiting for the next Chancellor -- or the one after that -- Gordon Brown should announce them tomorrow, when he appears for the last time before the Treasury Select Committee to talk about monetary policy," he added. Osborne also said the Treasury is "broken and needs fixing" after ten years of Brown at the helm. Brown's successor, tipped to be Alistair Darling, the trade and industry secretary, should give up many of the spending and policy-making powers the Chancellor has taken in his decade at the Treasury, Osborne said. "It is time to fix a broken Treasury - it should do less but do it better," Osborne said. In particular, Osborne said Brown's successor should look to restore faith in the fiscal framework by, for example, assigning an independent body with the task of monitoring the dating of an economic cycle. "They and they alone would decide whether the government had met the fiscal rules," said Osborne. Brown has been criticised over the last few years for changing the dates of the economic cycle. Many observers said the Chancellor was fixing the rule to fit his spending plans and not vice versa as was initially intentioned. Overall, Brown's successor should focus the Treasury's work on three core objectives: enhancing the stability of the economy, making the economy more effective and ensuring value for taxpayers' money, Osborne said. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted June 14, 2007 Share Posted June 14, 2007 Looks like Gordon has finally admitted, in his own way, that he controls the MPC. Not sure advertising for members is going to help much as he will still vet whoever applies for the job. Political patronage is too powerful for true independence. Quote Link to comment Share on other sites More sharing options...
patprimer74 Posted June 14, 2007 Share Posted June 14, 2007 Looks like Gordon has finally admitted, in his own way, that he controls the MPC. Well, bearing in mind that the Chancellor has always had the power both to appoint high ranking BoE people and those appointed to the MPC, it's not much of an 'admission', is it, Realistbear? Where the hell have you been for the last 10 years? In a comma? Are you out of it yet? p Quote Link to comment Share on other sites More sharing options...
Realistbear Posted June 14, 2007 Share Posted June 14, 2007 Well, bearing in mind that the Chancellor has always had the power both to appoint high ranking BoE people and those appointed to the MPC, it's not much of an 'admission', is it, Realistbear? Where the hell have you been for the last 10 years? In a comma? Are you out of it yet?p I have never doubted that Gordon controls IR policy. Its the denial that is changing now which is odd as there will be hell to pay for their accommodative IR policy in the face of inflationary forces. It is hard to fathom outside political expediency. Quote Link to comment Share on other sites More sharing options...
patprimer74 Posted June 14, 2007 Share Posted June 14, 2007 I have never doubted that Gordon controls IR policy. Its the denial that is changing now which is odd as there will be hell to pay for their accommodative IR policy in the face of inflationary forces. It is hard to fathom outside political expediency. What denial are you talking about? Everyone has known,all along, that the Chancellor has to appoint the members of the MPC. Is your claim that, not only did he appoint them, he and they conspired to 'fix' interest rates in some way and that the MPC were/are not independent of him? Some theory! p Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted June 14, 2007 Share Posted June 14, 2007 (edited) So in summary we are stuffed! Have they made the ONS independent yet ? Edited June 14, 2007 by Ash4781 Quote Link to comment Share on other sites More sharing options...
Guest AuntJess Posted June 14, 2007 Share Posted June 14, 2007 Great, i am really curious to why he appointed Blanchflower. Wasn't he a footballer? ......... Quote Link to comment Share on other sites More sharing options...
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