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Will Gordon Brown dare to go it alone?

As Mervyn King, Gov of the Bank of England, today clarified the Bank's position regarding future stimulus and rescue packages for the UK economy, it appears as though Gordon Brown could well be on his own. Despite evidence that recent rescue packages and stimulus programs have failed to have any impact on the UK economy, indications from within Downing Street appear to suggest that more and more money will be thrown at the UK economy in the short to medium term. So how will this affect the government's relationship with the Bank of England?

There is no doubt that the best way to refloat the UK economy is for both the Bank of England and the government to be "singing from the same hymn sheet". While they did appear to be doing this for some time the indications are that Mervyn King and his fellow members of the MPC committee of uncomfortable with the ever-increasing expenditure by the UK government. Even though the Bank of England is to all intents and purposes independent of the UK government it is the UK government which really has the final say on any particular funding issues.

Whether Gordon Brown can effectively go it alone against the wishes of the Bank of England very much remains to be seen.

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