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What has gone wrong between the Bank of England and the UK government?

As the Bank of England and the UK government continue to sing from very different hymn sheets there are serious concerns in the UK financial markets that all is not well. Cracks started to appear just a few days ago at the Mansion House speech when the UK government took the opportunity to announce a number of significant changes to the UK regulatory system. These changes appear to have been crystallised without any input from the Bank of England and indeed the Bank of England did not appear to be aware the announcement was due to be made.

As a consequence there are now accusations in the wider press that the Bank of England appears to be siding with the Conservative party in readiness for what many believe will be a new Conservative government. While the Bank of England and the Conservative Party have refuted such allegations the distance between the UK government and the bank continues to grow. In order to rescue the UK economy in the short to medium term, all parties and all participants in the financial markets need to be pulling in the same direction.

An immediate improvement in the relationship between the various parties is a vital element of the ongoing rescue of the UK economy.

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