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David Blanchflower ejected from the Monetary Policy Committee

It would appear that David Blanchflower, a vocal member of the Bank of England's Monetary Policy Committee (MPC), has paid the price for his continued suggestion that the UK was on the verge of a serious recession. He was the first of the MPC members to step forward and predict a recession, something which did not go down very well with the government. While he appears to have left under his own steam there is speculation that he was replaced due to his negative comments which ultimately turned out to be correct.

There are growing concerns across the country that the government is looking to increase its influence over the MPC committee which ultimately decides the direction of UK base rates. This is at complete loggerheads with the government's recent policy of allowing the Bank of England to operate on an independent ticket. There has even been speculation that the government may well retake the Bank of England's independence and bring the "Old Lady" of Threadneedle Street back under government control.

While the government and the Bank of England are currently "singing from the same hymn sheet" there has been much conflict and friction over the last few months with Mervyn King also attracting much criticism from inside government walls.

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