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Will the Bank of England be taken back under government control in the future?

The last few months have seen the differing strategies and opinions of the Bank of England and the government come to the fore at a time when the UK economy needs all parties to be pulling in the same direction. This has raised the fascinating question as to whether the government will look to take more control of the Bank of England in the future, and realign its strategy with that of the government of the day.

While rumours have been circulating for some time that the Bank of England may lose its total independence from the government there has been no official confirmation or even comment on the subject. While today the Bank of England and the government seem to be singing from the same hymn sheet this was not the case only a few weeks ago when the government was pressing for interest-rate reductions and massive injections of cash into the money markets.

Whether Mervyn King has been warned about the Bank's strategy or potentially tipped off that independence is at risk remains to seen, but there has been a marked change within the halls of the bank.

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