Don’t count on our independent Bank to stop Brexit disaster | William Keegan
by William Keegan from on (#34E5Z)
It's had control of monetary policy for 20 years but, if the government persists with leaving the EU, governor Mark Carney only has the power to limit the inevitable damage this will do to our economy
In common with Sir John Major, Denis Healey, the Bank of England's historian David Kynaston, and former governor (1983-93) Robin Leigh-Pemberton, I had great reservations about the granting of independence to the Bank.
By independence - more precisely "operational independence" - was meant control of monetary policy: giving the Bank the power to change interest rates, as opposed to merely offering advice to chancellors and prime ministers that could be ignored.
Related: Is the Bank of England losing its way?
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