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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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Friday 6th June 2008
The news that Alistair Darling is in the process of putting together a panel of City insiders to ‘oversee and assist’ the Bank of England in the face of the ongoing financial crisis has sent shockwaves through the City and the Bank of England. After putting the independence of the Bank of England at the forefront of the political agenda some 10 ears ago, its seems that we are seeing yet another Labour u-turn.
There are also real concerns that we may see some kind of action from the likes of Mervyn King who many believes has been ‘hung out to dry’ by the Treasury. He seems to be carrying more than his fair share of blame for the Northern Rock debacle and there is concern from within the Bank that the Treasury are trying to ‘pass the buck’.
Many have complained that the government are preparing and announcing policy changes at an alarming rate, forgetting statements and promises made in the recent past. This latest attempt to affectively undermine the Bank of England may well be the ‘straw which broke the camel back’ and lead to a period of tension between the Bank and the government. |
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