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Guest Charlie The Tramp

Critical Time For The Governor If He Is Outvoted Again

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Guest Charlie The Tramp
What’s more, the Governor, Mervyn King, was among the four who voted for an increase, which is only the second time in the MPC’s history that the Governor has been outvoted. What does this say about the workings of the MPC – and about the likely path of interest rates? The MPC’s rate-setting procedure is the most open in the world. Not only are the minutes of meetings published quickly but the public is informed which committee members have voted which way.

Committee members are individually accountable to Parliament through the Treasury Select Committee (to which, incidentally, yours truly is an adviser on matters relating to the MPC). So far, this system has worked extremely well. But all along there has been a latent problem concerning the position of the Governor.

Critical time for the Governor if he is outvoted again by Roger Bootle 25/6/07

The wily Governor was outvoted, not outwitted by Liam Halligan 25/06/07


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