This month has seen the 25-year anniversary of the ‘independence’ of the Bank of England, just days after the historic election that brought Tony Blair to power. Gordon Brown’s prolix letter setting out the framework is here, which is long on price stability and short on quantitative easing. In other news this week, the Governor of the Bank of England warned of “apocalyptic” food price rises and inflation over 10%, which is still better than the 15% inflation at the Queen’s Silver Jubilee in 1977.
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