| How long will it be 11:22 - Aug 5 with 901 views | chicoazul |
Before the Bank of England is taken back into political control? This parliament or the next?
And shouldn’t it ultimately be so, anyway? It’s probably the second most powerful institution in the UK after Parliament and its’ decisions have huge effects on peoples lives. It probably should be run by people who are voted in not appointed. Although needless to say most things politicians touch turn into absolute disasters. |  |
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| How long will it be on 11:27 - Aug 5 with 870 views | Guthrum |
'It’s probably the second most powerful institution ... and its’ decisions have huge effects on peoples lives. It probably should be run by people who are voted in not appointed.'
I refer you to the US judicial system. |  |
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| How long will it be on 11:30 - Aug 5 with 845 views | chicoazul |
| How long will it be on 11:27 - Aug 5 by Guthrum |
'It’s probably the second most powerful institution ... and its’ decisions have huge effects on peoples lives. It probably should be run by people who are voted in not appointed.'
I refer you to the US judicial system. |
And…….so what? I’m taking about this country not the US. | |
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| How long will it be on 11:35 - Aug 5 with 822 views | StokieBlue |
It shouldn't be taken under government control and it should be run by the people who actually know what they are doing rather than those who are voted in who don't have the first clue about economics as the Tory leadership election has shown us.
It should also be something on a manifesto and voted for by the UK populace, the Tories don't have a mandate to make such a huge change, if they want to make a change like that there should be a general election.
SB |  |
| Avatar - IC410 - Tadpoles Nebula |
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| How long will it be on 11:35 - Aug 5 with 821 views | bluestandard |
I think the whole point of making it independent from government was to ensure that decisions were not politically motivated and based instead on objective evidence. |  | | |
| How long will it be on 11:36 - Aug 5 with 813 views | Zx1988 |
| How long will it be on 11:30 - Aug 5 by chicoazul |
And…….so what? I’m taking about this country not the US. |
Do you not see the likely difference in the quality and motivation of decisions made by those who are independent and, therefore, have a responsibility to do the right thing, compared to those who are political and, therefore, have a responsibility to do the politically expedient thing? | |
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| How long will it be on 11:38 - Aug 5 with 799 views | chicoazul |
| How long will it be on 11:35 - Aug 5 by bluestandard |
I think the whole point of making it independent from government was to ensure that decisions were not politically motivated and based instead on objective evidence. |
I agree, that’s exactly what it was for. How’s that worked out? I’m not talking about the current inflation crisis. The BoE seems to me to very much prefer preserving the status quo rather to anything else. | |
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| How long will it be on 11:40 - Aug 5 with 789 views | chicoazul |
| How long will it be on 11:35 - Aug 5 by StokieBlue |
It shouldn't be taken under government control and it should be run by the people who actually know what they are doing rather than those who are voted in who don't have the first clue about economics as the Tory leadership election has shown us.
It should also be something on a manifesto and voted for by the UK populace, the Tories don't have a mandate to make such a huge change, if they want to make a change like that there should be a general election.
SB |
Making it independent was a political decision. | |
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| How long will it be on 11:41 - Aug 5 with 783 views | chicoazul |
| How long will it be on 11:36 - Aug 5 by Zx1988 |
Do you not see the likely difference in the quality and motivation of decisions made by those who are independent and, therefore, have a responsibility to do the right thing, compared to those who are political and, therefore, have a responsibility to do the politically expedient thing? |
Yes of course but this seems to me to be very undemocratic. | |
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| How long will it be on 11:44 - Aug 5 with 780 views | GlasgowBlue |
| How long will it be on 11:35 - Aug 5 by StokieBlue |
It shouldn't be taken under government control and it should be run by the people who actually know what they are doing rather than those who are voted in who don't have the first clue about economics as the Tory leadership election has shown us.
It should also be something on a manifesto and voted for by the UK populace, the Tories don't have a mandate to make such a huge change, if they want to make a change like that there should be a general election.
SB |
It was a huge change in 1997 when Gordon Brown made the BOE independent, but it wasn't in the manifesto. |  |
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| How long will it be on 11:44 - Aug 5 with 780 views | Guthrum |
| How long will it be on 11:30 - Aug 5 by chicoazul |
And…….so what? I’m taking about this country not the US. |
It's a good example of the problems inherent in putting elected officials in direct charge of influential, but highly technical organisations.
Do we want a government which is prepared to ride roughshod over anyone who stands in their way (c.f. the prorogation crisis, Braverman's remarks about the ECHR, etc.) to be able to manipulate such a powerful economic control? Perhaps for petty, short-term vote-winning purposes?
Not suggesting a panel of experienced experts is without their own flaws or bias, but to my mind it's a better system. | |
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| How long will it be on 11:49 - Aug 5 with 739 views | Guthrum |
| How long will it be on 11:41 - Aug 5 by chicoazul |
Yes of course but this seems to me to be very undemocratic. |
Perhaps so, but is it not more urgent to reform the processes by which we get our government, to themselves be more democratic? | |
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| How long will it be on 11:49 - Aug 5 with 740 views | bluestandard |
| How long will it be on 11:38 - Aug 5 by chicoazul |
I agree, that’s exactly what it was for. How’s that worked out? I’m not talking about the current inflation crisis. The BoE seems to me to very much prefer preserving the status quo rather to anything else. |
Its a good question, and an interesting debate as I guess it depends on what your view is on the role of the BoE. I would say that the independent BoE is 'reactive' rather than preserving the status quo (eg. nobody wants the current status quo). Do we want the BoE to be 'proactive'? There is risk associated with that. On balance, I think that an independent BoE is better, but the overriding requirement is COMPETENCE, whether its independent or not. | | | |
| How long will it be on 11:51 - Aug 5 with 739 views | SuperKieranMcKenna |
It should be politically neutral, and run by qualified, experienced people, not know-nothing, idealogically driven career politicians who’ve never worked in the real world.
Whether or not the BoE is toothless in the current situation is a different debate! | | | |
| How long will it be on 11:54 - Aug 5 with 730 views | StokieBlue |
| How long will it be on 11:44 - Aug 5 by GlasgowBlue |
It was a huge change in 1997 when Gordon Brown made the BOE independent, but it wasn't in the manifesto. |
It was deliberately vague in the 1997 manifesto but it was in there:
"We will match the current target for low and stable inflation of 2. 5 per cent or less. We will reform the Bank of England to ensure that decision-making on monetary policy is more effective, open, accountable and free from short-term political manipulation"
There is nothing at all in the Tory manifesto about reforming the Bank of England and making it less "effective, open, accountable and free from short-term political manipulation".
Also the context it totally different. The last 20 years has proven it can function very well as an independent entity, Truss only wants to bring it back under government control because they don't agree with her bizarre takes on economics. It's a policy which would allow short-term political manipulation.
I know you don't want a GE and that's finer, however there is absolutely no mandate at all for a move like this by Truss and it really is important enough that there should be.
SB [Post edited 5 Aug 2022 11:57]
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| Avatar - IC410 - Tadpoles Nebula |
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| How long will it be on 12:01 - Aug 5 with 678 views | chicoazul |
| How long will it be on 11:54 - Aug 5 by StokieBlue |
It was deliberately vague in the 1997 manifesto but it was in there:
"We will match the current target for low and stable inflation of 2. 5 per cent or less. We will reform the Bank of England to ensure that decision-making on monetary policy is more effective, open, accountable and free from short-term political manipulation"
There is nothing at all in the Tory manifesto about reforming the Bank of England and making it less "effective, open, accountable and free from short-term political manipulation".
Also the context it totally different. The last 20 years has proven it can function very well as an independent entity, Truss only wants to bring it back under government control because they don't agree with her bizarre takes on economics. It's a policy which would allow short-term political manipulation.
I know you don't want a GE and that's finer, however there is absolutely no mandate at all for a move like this by Truss and it really is important enough that there should be.
SB [Post edited 5 Aug 2022 11:57]
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Not saying I disagree but. What’s your proof of that? There are millions of children living in poverty in the UK. Personal debt is a gigantic time bomb. Has fiscal policy improved lives in the last 20 years? Not just yours. Across the remit of the BoE.
Edit; monetary not fiscal, thanks to the poster who pointed that out! [Post edited 5 Aug 2022 12:06]
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| How long will it be on 12:03 - Aug 5 with 663 views | SuperKieranMcKenna |
| How long will it be on 12:01 - Aug 5 by chicoazul |
Not saying I disagree but. What’s your proof of that? There are millions of children living in poverty in the UK. Personal debt is a gigantic time bomb. Has fiscal policy improved lives in the last 20 years? Not just yours. Across the remit of the BoE.
Edit; monetary not fiscal, thanks to the poster who pointed that out! [Post edited 5 Aug 2022 12:06]
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“ Has fiscal policy improved lives in the last 20 years? ”
The BoE are responsible for monetary policy. Fiscal policy such as taxation levels is still set by the government. | | | |
| How long will it be on 12:04 - Aug 5 with 659 views | GlasgowBlue |
| How long will it be on 11:54 - Aug 5 by StokieBlue |
It was deliberately vague in the 1997 manifesto but it was in there:
"We will match the current target for low and stable inflation of 2. 5 per cent or less. We will reform the Bank of England to ensure that decision-making on monetary policy is more effective, open, accountable and free from short-term political manipulation"
There is nothing at all in the Tory manifesto about reforming the Bank of England and making it less "effective, open, accountable and free from short-term political manipulation".
Also the context it totally different. The last 20 years has proven it can function very well as an independent entity, Truss only wants to bring it back under government control because they don't agree with her bizarre takes on economics. It's a policy which would allow short-term political manipulation.
I know you don't want a GE and that's finer, however there is absolutely no mandate at all for a move like this by Truss and it really is important enough that there should be.
SB [Post edited 5 Aug 2022 11:57]
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What makes you think I don't want a general election? I can't wait for this shower to be booted out.
I also prefer the independence of the BOE. | |
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| How long will it be on 12:05 - Aug 5 with 653 views | chicoazul |
| How long will it be on 12:03 - Aug 5 by SuperKieranMcKenna |
“ Has fiscal policy improved lives in the last 20 years? ”
The BoE are responsible for monetary policy. Fiscal policy such as taxation levels is still set by the government. |
Sorry you’re right my mistake. I’ll edit it. | |
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| How long will it be on 12:10 - Aug 5 with 624 views | Cotty |
Please God no… Have you seen who’s in charge??! |  | | |
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