| Topic: | Re:Re:Re:Re:Re:Warning from the Bank of England | |
| Posted by: | Cllr Sam Hearn | |
| Date/Time: | 16/07/15 13:34:00 |
| Nick - It is not exactly the Bank of England of England that sets interest rates. It is the Bank of England Monetary Policy Committee which includes 4 independent external members (in addition to five from The Bank). See below a cut and paste from the BofE website. "Each member of the MPC has expertise in the field of economics and monetary policy. Members do not represent individual groups or areas. They are independent. Each member of the Committee has a vote to set interest rates at the level they believe is consistent with meeting the inflation target. The MPC's decision is made on the basis of one-person, one vote. It is not based on a consensus of opinion. It reflects the votes of each individual member of the Committee." The minutes of the MPC meetings are published two weeks after the meetings. Is here anything in these minutes that suggests that members of the MPC takes account of election timings or is this just a "hunch" on your part? |