Tara wrote:dealtn wrote:Tara wrote:dealtn wrote:Tara wrote:The BoE seems far more concerned with appeasing politicians who are desperate that the UK electorate do not have to watch their UK house prices collapse too much before the next election.
On what evidence do you base your claim an independent central bank, and an MPC committee containing independent members, is more concerned with appeasing politicians than following its remit?
We can only go on the evidence of their actions, or in this case their lack of action.
With inflation at over 10%, and interest rates recently raised from only 1% to 1.25%, does the BoE really look as though it is 100% determined to fight this inflation? It certainly does not look like it.
Which is different to your original claim. Where is the evidence the members are more concerned with appeasing politicians?
I've met a number of them (past and present). I can't think of one that wouldn't challenge an allegation on their independent (of politicians) way of thinking.
And how would you measure their so called “Independence” anyway? It cannot be measured in any objective way. As I said, we can only go on the evidence of their actions.
So what evidence do you have to support a view that the BoE (or the MPC and its constituents) appease politicians? Where are any political speeches or policy recommendations from the BoE- let alone proponents of government support? Where is the BoE in attempting to design, or amend the remit of the MPC (presumably what you are referring to).
They have a remit, and attempt to meet it - often considered close enough to it not to merit further explanation, occasionally not.