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It is good news that the MPC cannot agree?

The news that last month's MPC minutes showed that while the majority favoured an increase in the quantitative easing program by £25 billion, there were some members of the committee looking for a higher increase and some looking to hold back on any further investment. While this news has confused many people and is seen as potentially problematic in some quarters, the truth is that nobody wants an MPC full of yes-men and yes-women who are frightened to speak their minds.

The whole point of having the MPC is to allow those invited to join the committee to have their own say, totally independent of what the Bank of England or the UK government may be suggesting. Even Mervyn King has disagreed with the majority of MPC members in the past which is a definitive signal that nobody has any particular sway with those on the committee.

Even though in the past the UK government has attempted to fill various places on the MPC with "yes people", so far the spread of experience and intelligence on the MPC has been of great assistance to the UK economy on the whole.

Long may this continue!

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