Friday, April 20, 2012
The rest of the Monetary Policy Committee should be as brave as Adam Posen and resign over their hop
The core function of the Bank of England, as it happily states on its website, is to maintain price stability, defined as inflation at two per cent. That figure is now becoming a kind of symbolic, notional target. It's hard to remember when the price rises were last within the pemitted range. Four years ago? Five?