Under the pressure of the current crisis, the consensus around Bank independence, as with those around other parts of the New Labour settlement, is starting to crack 🖋️ HCH_Hill for ipaperviews
Cuts on this scale were simply not deliverable. I spent October’s Conservative Party Conference talking to various advisers and analysts, and the numbers didn’t add up. You couldn’t reduce spending on that scale without making deep cuts to the highest-spending departments – health, education – and there was neither a mandate nor any stomach among MPs for that.
Nor is it immediately obvious that having interest rates set by the Treasury would be a good idea now.
But it is easy to see in retrospect how the Monetary Policy Committee might have erred in its policy over the past few years; quite another to argue that politicians would have done better., a political blog that is independent of the Conservative Party
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