London attractions
BRIT POLITICS logo
HOME : University 18 Yrs +

Introduction
An unwritten constitution
What are constitutions for
Support for the unwritten constitution - the Whig view
Support for the unwritten constitution - westminster model
Support for the Unwritten Constitution - From the 1970s
What is the British Constitution - Common Law
The Common Law - The Royal Prerogative
The British Constitution - Statute Law
More on Statute Law
The British Constitution - Constitutional Conventions
Authoritative Sources
New Labour and Devolution
New Labour and FOI
New Labour and Human Rights
New Labour and Local Government
New Labour and Monetary Policy
New Labour and Political Parties
New Labour and the House of Lords
New Labour and the Judiciary
Significance since 1997
The Coalition
Introduction
An unwritten constitution
What are constitutions for
Support for the unwritten constitution - the Whig view
Support for the unwritten constitution - westminster model
Support for the Unwritten Constitution - From the 1970s
What is the British Constitution - Common Law
The Common Law - The Royal Prerogative
The British Constitution - Statute Law
More on Statute Law
The British Constitution - Constitutional Conventions
Authoritative Sources
New Labour and Devolution
New Labour and FOI
New Labour and Human Rights
New Labour and Local Government
New Labour and Monetary Policy
New Labour and Political Parties
New Labour and the House of Lords
New Labour and the Judiciary
Significance since 1997
The Coalition
constitution banner

University 18 Yrs + | Constitutional Change

New Labour and Monetary Policy

Gordon Brown moved, immediately after the election, to give the Bank of England independence from the Treasury to set interest rates in order to give more confidence to the money markets about the Government’s economic policy.  The Bank of England Act, 1998, gave power to set interest rates to a Monetary Policy Committee of economic experts within the overall objectives of Government policy and particularly to keep inflation low. 

In recent times some have claimed the Bank of England, in particular under the tenure of Governor Mark Carney, has become more politicised. This was highlighted during the UK referendum on membership of the EU in June 2016 where some believed the doom and gloom forecasts and comments made about the consequences of leaving the EU represented a cross-lined into politics rather than economics during the campaign. Some Conservative MPs even called for Carney's resignation.

tours_468X60_English

Best Sellers


  • DID YOU KNOW? Bob Hoskins, Richard Burton and Christian Slater have all played Winston Churchill in films. 
     

 

Latest News & Features

The Guardian: University League Tables 2018 released

Tony Blair became PM twenty years ago, but what was Blairism?

Profile: Sir Robert Walpole, the first British Prime Minister

Our Twitter Feed