Monetary Policy

How independent is the Bank of England?


In the Media

Christopher Snowdon quoted in The Mail on Sunday

In the Media

Andrew Lilico quoted in The Express

James Forder writes for The Times

James Forder, Academic and Research Director at the IEA, has written for The Times on the Bank of England’s independence and accountability.

In light of the 25-year anniversary of The Bank of England Act, James writes:

Those who avoid blame for what are common problems today can hardly take much credit for the worldwide low inflation that preceded them.

Certainly, the Bank of England Act has created some fanfare about the policy decisions being the Bank’s rather than the government’s. At times, that may make the Bank itself into something of a political actor as it seeks to explain its policy.

If independence is to have any substance at all, the one basic, unavoidable essential is that government must be responsible for financing its own expenditure.

Read the full article here.