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laurejon

Is The Bank Of England Independent ?

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I am wondering given the many U turns seen over the past months from New Labour.

Is the Bank of England independent as suggested several years ago, or is it the case that it was never independent, that both Tony and Gordon had direct influence over keeping interest rates low when debt mountains were rising, exports were falling, and house prices were inflating to the tune of 20% pa. ?

Given the news that Gordon has instructed the Bank to repay all depositors funds, and then compensate the Directors of the failed banking systems by underwriting their debts, a truely independent Bank of England would never have propped up a failed commercial organisation to the tune of many billions of pounds of hard working british taxpayers money.

Edited by laurejon

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Guest AuntJess
I am wondering given the many U turns seen over the past months from New Labour.

Is the Bank of England independent as suggested several years ago, or is it the case that it was never independent, that both Tony and Gordon had direct influence over keeping interest rates low when debt mountains were rising, exports were falling, and house prices were inflating to the tune of 20% pa. ?

Given the news that Gordon has instructed the Bank to repay all depositors funds, and then compensate the Directors of the failed banking systems by underwriting their debts, a truely independent Bank of England would never have propped up a failed commercial organisation to the tune of many billions of pounds of hard working british taxpayers money.

In a word...NO. <_<

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The treasury can tell the bank what to do if in the public interests and by extreme economic circumstances. (top of page 12 from memory)

the rub i sthough that this order has to be put before parliamant and approved within 28 days otherwise it ceases to exist.

Probably why the tories are supporting the measure. non support would bring the country to it's knees.

http://www.bankofengland.co.uk/about/legislation/1998act.pdf

Edited by vfr

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