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To what extent has control of the economic policy passed from British Governments to non-elected bodies both home and abroad?
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To what extent has control of the economic policy passed from British Governments to non-elected bodies both home and abroad? The Government was traditionally in tight control over the economic policy for the country but over time the governments powers have become eroded and devolved to other non-elected bodies. The Bank of England's importance rose after 1975 and has increased steadily over the years. After Labour's landslide victory in 1997 on the 7th of May they gave the Bank of England operational independence, which empowered them even more. This gave the Bank of England control over interest rates through the Monetary Policy Committee (MPC), which is made up of five members from the Bank of England and four experts appointed by the Chancellor. The advantages of this are that economic experts and not amateur politicians formulate the monetary policy. It also removes political pressures, which enables a greater co-operation between the...
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