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20 Jun 2008
In his first keynote address to business leaders, chancellor Alistair Darling said the Bank of England (BoE) would now be accountable for the UK's financial stability in addition to its statutory objective of setting interest rates.
Part of his reforms if UK's financial system would include setting up a new Financial Stability Committee to guide the Bank's operations in this field to ‘bring valuable, external expertise with City experience to bear on the Bank's decision making’, the BBC News reports.
Darling indicated the proposals would clarify and enhance the powers of BoE and those of the Financial Services Authority (FSA) and improve co-ordination between the regulators.
More details are understood to be in a letter yesterday to John McFall, Treasury Select Committee chairman.
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Briefings
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Darling's folly
By commiting the BoE to financial stability, having a "new Financial Stability Committee to guide the Bank's operations in this field to ?bring valuable, external expertise with City experience to bear" the Darling is saying that the Gov was and is wrong about it's economic and financial management of the UK. This just confuses the issue since the BoE must now behave like the Chancellors of yesteryear. This is about taking away the BoE's independence and getting Whitehall control of rate setting rather than proper economic management and the Treasury and every professional economist without an agenda will realise this. With the PM having been the instigator of the previous regime, it shows how farcical the gov's economic policies really are.
Posted by: C Morris, 21 Jun 2008 | 00:00