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It has been revealed that the Chancellor Alistair Darling held talks with some of the UK largest banks yesterday in a bid to try and avert a banking crisis in the UK. The meeting was attended by...
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Monday 16th June 2008
In a move which was relatively unknown outside of the City, Bank of England governor Mervyn King will be forced by law to explain the recent strategy of the Bank with regards to interest rates and the threat of inflation. Analysts expected inflation to hit 3.2% in May, the highest level since 1997, with many expecting a substantial rise over the next few months.
Not only has the ability of the Bank of England been called into question in the home markets, but many in Europe are perplexed as to how the Bank are so reluctant to reduce interest rates further (they are currently among the highest in Europe) while UK inflation is amongst the lowest in the developed world. For some reason there seems to be something of a witch hunt against Mervyn King, with many believing that the government is intent on ‘hanging him out to dry’.
While the Bank is deemed to be clear of any political interference, the Treasury recently signaled their desire to become more involved in future decisions, putting the so called independence of the Bank to once side. Quite what difference this will make in the longer term remains to be seen. |
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