Just over three years ago, the Bank of England celebrated two decades of independence. There was much to toast and luminaries who attended the event at London’s Fishmongers’ Hall made sure to raise a flute or two. Since Labour had given the Bank control over interest rates, inflation had averaged 2 per cent — bang on target. So successful had the Bank been that it may be managing itself out of a job, Andy Haldane, its chief economist, had suggested in a recent speech. Because the young had no reference point for high inflation, there could be “a less strong constituency for independence”.

Source: The Times January 08, 2021 17:09 UTC