The secret history of inflation, from Black Wednesday to Brexit
by William Keegan from on (#2NM0A)
Britain's struggle with monetary policy has not just had economic consequences: it is also a key source of the Euroscepticism that has brought us to crisis
This month sees the 20th anniversary of the granting by New Labour of independence to the Bank of England.
It was not full-scale independence but "operational independence" in monetary policy: that is, the freedom to change interest rates without having to consult the chancellor. The Bank is still the Treasury's agent in other matters, such as decisions about the nation's currency reserves.
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