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David Blanchflower mauls the Bank of England

Outgoing MPC member David Blanchflower has attacked the central economic policies of the Bank of England as being completely inadequate and having failed the UK economy. He has called for a severe overhaul of the Bank of England's attitude towards inflation and its general approach to economics. He has also suggested that a lack of regulation and control of the UK financial system has seen problems magnified more than 18 months after the credit crunch began.

As we have covered on a number of occasions, the UK regulatory system was based upon a "self-regulation" policy for some time. This particular type of regulatory framework works very well in the boom times but can often exposed serious weaknesses in difficult economic times. This is something we have seen over the last few months as more and more regulatory issues rise to the surface indicating a complete lack of control by the authorities in the UK.

In a similar scenario to "closing the gate after the horse has bolted" the UK regulatory authorities and the UK government have promised a complete overhaul of the regulatory system. People such as David Blanchflower believe this is too little too late and coming from the only member of the MPC committee to predict a recession he has every right to blow his own trumpet.

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