Who should you vote for in the UK if you want control of interest rates to rever
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#1 Nov 26, 2013
Who should you vote for in the UK if you want control of interest rates to revert to the Treasury?In 1997 New Labour immediately gave the Bank of England independent control over interest rates. All three major parties now seem to agree on this
I cannot see how it makes sense to separate one mechanism of economic regulation from others, e.g. taxation and government regulation. I think that Government should only regulate lightly, but it should control all the mechanisms to do so.
Giving control of interest rates to the bankers and economists leads to its use for the interests of the financial and commercial sectors, which benefit from high rates, as opposed to manufacturing which needs low rates for investment. Also, high interest rates and low inflation benefit the rich compared to the poor.
The bank is using high interest to largely to prevent house price inflation despite other negative effects of this policy. It would be better to hit house prices selectively by taxation.
Do you agree that these are reasons to give control of interest rates back to Government?
#2 Nov 26, 2013
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