You are reading a single comment by @useless and its replies.
Click here to read the full conversation.
London Fixed Gear and Single-Speed is a community of predominantly fixed gear and single-speed cyclists in and around London, UK.
This site is supported almost exclusively by donations. Please consider donating a small amount regularly.
useless
DoubtfulAce
I believe the reason the Bank of England was made independent was to stop Politicans medling with Monetary Policy for short term gain ie win the up coming election.
It came from a much more practical rather than an idological basic, to promote economic policy stability long term to help the economy grow. Unelected officals often in place much longer than Minister can take the unpopular decisions like raising interest rates. Which I agree with.
Also get policians off the hook ie raising interest rates, rembember when Thatcher put them up to 15%?
IMO It wasn't a decision idologically driven to reduce or enlarge the powers of the state.