A stitch in time saves us from the ravages of boom and bust

Article Abstract:

Some observers believe that UK Chancellor Gordon Brown was wrong to decide to give the Bank of England the responsibility for adjusting interest rates to meet the inflation target. They believe that the Bank of England is far too cautious about inflation, and do not accept that it is best to be prudent at an early stage. It is important to realize that it is better to have a number of early small interest rate rises than to have to accept larger interest rate rises when inflation is already becoming a serious problem.

Inflation (Finance), Inflation (Economics)

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View is better from the ivory tower

Article Abstract:

Those who believe that business leaders should take over control of the Bank of England's Monetary Policy Committee are misguided. It is important to be aware that the practical experience of business leaders is not a reliable guide to the level of interest rates required for the economy as a whole to expand at a pace which will allow the inflation target to be met. Furthermore, those who are not economic experts may make the mistake of wrongly interpreting the available evidence about economic performance.

Economic aspects

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We won't plunge the country into recession, says Eddie George

Article Abstract:

It is vital that there is a slowdown in the UK economy in 1998, according to Bank of England Governor Eddie George. However, it will not be necessary to shift the economy towards recession. The new Monetary Policy Committee will not feel obliged to keep inflation within 1% below or above the 2.5% target. He is reasonably satisfied with monetary policy as it is at present, but emphasizes that there are many uncertainties associated with setting monetary policy.

Officials and employees, Economic policy, Interview, George, Eddie

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