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Who would the Bank of England prefer to be in power?

As we hear reports that this week's MPC meeting could be something of a damp squid there is speculation within the investment markets as to which political party the Bank of England would prefer to have in power. While the Bank of England is unable to express any particular preferences regarding political agendas and political activity there is no doubt that the relationship with the Labour government has become strained of late.

The very fact that the Conservative party has already suggested the Bank of England would take a more hands-on approach to regulation in the UK is a positive note for the Bank of England but that is not to say a Conservative government would be the best environment for the "Old Lady of Threadneedle Street". Mervyn King has become something of a thorn in the side of the Labour government over the last few months and indeed many believe that he would have been ousted from his position if it had not been for the recession and the credit crunch.

Since Gordon Brown came under attack from many in his own party it is noticeable that Mervyn King has also been more public in his opinions and his comments, many of which are at odds with the Labour Party and Gordon Brown in particular.

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