Friday, 26 June 2009
Banking On It
Attlee never went through with the 1945 Manifesto commitment to nationalise the clearing banks. At the time, he was probably right. But he went through with the nationalisation of the Bank of England. And the man who reversed that assertion of democratic political control over monetary policy is now learning how right Attlee was. An independent central bank, or anything like one, is an intolerable alternative government.
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Indeed. We all have a right to express our opinions, but Mervyn King knows better than to do so publicly...
ReplyDeleteIf it is announced that more powers are given to the Bank of England, the FSA will struggle to get the best staff - making it harder to regulate the banks. I expect this is King's aim.