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Why was the bank of England given operational independence and has it been a success?
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- Words:
- 570
- Submitted:
- Thu Nov 05 2009
- Mark submitted by Author:
... Why was the bank of England given operational independence and has it been a success? The Bank of England is the UK's central bank. It is used by all UK banks and it has been given operation independence so that they can decide on monetary policies and interest rates. It was the Labour party who gave the bank operational independence. Many argue that Labour gave operational independence to the bank because they wanted to keep the 'city' please. For example, Old Labour they used to be a party of democratic socialist party, their policy was to tax the rich and give to the poor, due to this reason the 'city' used to vote for the Conservative party. However, the Labour party has changed ever since Brown was caught 'wining and dining' in the city which showed to that the Labour party has moved away from the democratic socialist party to a socialist
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