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One secretive group used to dictating their own terms unhappy about another secretive group used to dictating their own terms...
by surfingdino 5y ago
One secretive group used to dictating their own terms unhappy about another secretive group used to dictating their own terms...
- wolverine876 5y agoThe Bank of England is under the democratic control of the people of England.
- andrewzah 5y ago*In theory. However, in practice...
- lbriner 5y agoHow exactly do you figure that? Like any other quango, they are almost entirely unaccountable to anyone except their own staff. A Politician might be able to cause a stink but that's assuming they knew enough about what was going on and they probably don't.
- wolverine876 5y agoThe elected representatives of the English people could shut down the Bank tomorrow, or today.
- alasdair_ 5y ago>The elected representatives of the English people could shut down the Bank tomorrow, or today. There is a certain irony in this statement, given that such an act would require approval from the queen.
- wolverine876 5y agoLet's be serious.
- alasdair_ 5y agoThe BoE is independent. That's a good thing generally - it doesn't have to bow to pressure from whatever party happens to be in power at a specific time.
- wolverine876 5y agoRight, most central banks have some insulation from politics. BoE's independence is granted by Parliament, and can be taken away at any time.