Saturday, September 15, 2007

“the Bank may have agreed to the rescue because it was “bullied into it by the Treasury and the FSA”.

MPC founding member comes out swinging against Bank’s bailout decision

Bank independence? What independence?!

Posted by planning4acrash @ 09:21 AM (828 views)
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7 thoughts on ““the Bank may have agreed to the rescue because it was “bullied into it by the Treasury and the FSA”.

  • Cheekie Charlie says:

    Help me please Mr Brown. My Company has a cashflow problem as i paid myself to much money and made some absolutely stupid business decisions. I promise not to do it again (until next time). Please lend me some taxpayers money, they won’t care.

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  • they can do all the bullying they want to get themselves “off the hook” for a few moments.

    the verdict will then be delivered on the currency which is equally bad if not much worse.

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  • Sorry to be so thick, but where does this money that’s being supplied to the likes of Northern Rock come from? I have just read an article which states that the UK’s current account stands way overdrawn, where do these large reserves of cash come from?

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  • First post…

    I’m interested in the make up of the MCP, and just how independent they actually are.

    How many appointees are Brown/Darling’s? How many are truly independent?

    I know that Kate Barker had dealings with Brown over a housing policy documnent.

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  • Tinker,

    Why don’t you ask a Freedom of Information Act request of HM Government?

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  • Hi Orwell,

    I just thought some people on HPC would know that sort of information.

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  • In answer to my own question I found this:

    http://news.bbc.co.uk/1/hi/uk_politics/1181124.stm

    MPC made up of nine people:
    5 appointed by the BoE and 4 in the gift of the Chancellor.

    In the article:
    “The Bank of England appoints five members, with four more positions in the gift of the chancellor.

    In theory the Commons treasury select committee “confirms” the candidates after an interview.

    But its lack of power was demonstrated last year when it rejected the nomination of Oxford academic Christopher Allsopp as an MPC member.

    The chancellor appointed him anyway.”

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