There is a view that governments fiddle with central bank independence at their own risk. But with the current disruption on financial markets looking perilous, maybe it is time for a rethink. The Bank of England has confessed to both. Bailey, as governor, takes all of the heat and leads the nine person Monetary Policy Committee. The independent Bank of England was the finest invention of the last Labour government, which wanted the Bank to be as respected an economic institution as the German Bundesbank (before it was depleted by the European Central Bank).

Source: Daily Mail May 30, 2023 08:11 UTC