Summary
The creation of the Monetary Policy Committee (MPC), a few days after Labour won office in 1997, was seen as an act of genius, removing interest rates from the realm of politics and ending the decades of stop-go that destroyed governments from Wilson to Major.
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Extract
An English Model of Perfection
An independent Bank of England and the economic stability it brought are often hailed as Labour's greatest achievement. Yet the bank rate in Britain, now at 5.75 per cent, with another quarter-point rise in the pipeline, is the highest amo...
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