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Sterling has today picked up sharply after weeks and weeks of pressure and selling by investors. This comes just ahead of the MPC meeting to decide their next move on UK base rates and until just a...
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Wednesday 23rd July 2008
As Gordon Brown and Alistair Darling continue their discrete operation to dump the old golden rules which have were introduced by Gordon Brown, many in the City are asking what can replace them?
There are growing calls for independent advice to be taken from parties unconnected to the government so that there is an arms length debate and resolution. Much like Labour gave the Bank of England power some years ago, there is a growing clamour for a similar scenario for economic guidelines for the UK. The issue we have now is the fact that rules created by the government have, and continue to be used and abused to suit their own purposes. What it the point of having rules if they are chopped and changed on a regular basis?
Gordon Brown needs to pull a rabbit out of the hat because he is in serious danger of losing what little confidence the City has left in him. Historically his power has always been his relationship with the financial markets, something which Labour Chancellors of the years gone by have been unable to build. Gordon Brown could quite literally ruin his decade of trust by changing the very rules that gained him the respect he had, or has, today. |
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