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Bank of England under severe pressure for rate cut

The noise level aimed at the Bank of England is growing with more and more people accusing the Bank of being out of touch and calling for an immediate cut in interest rates. Even though the official stance has been that inflation must fall before interest rates follow it seems as though there may be a softening of the way. So is this a good move in the longer term?

There is no doubt that a fall in UK rates would assist in the fight against economic slowdown but there does need to be an increase in confidence before we turn the corner. As countries around the world look at ways to kick start their economies the interest rate reduction route seems to be high on the agenda, although not as affective as it could be in the current conditions. But does this perceived change of heart affect the long term independence of the Bank of England?

There is no doubt than even though the Bank has official independence on the surface there is a growing feeling of political interference. Indeed there are also rumours that the government is looking for any opportunity to bring the Bank of England back in house as part of the Treasury. Where would that leave UK interest rate and economic policy?

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