“Here we can see the perverse nature of its incentives. The Bank of England has spent years engaged in experimental monetary policies that have blown a hole in its finances — and now the Bank is asking the Government for a blank cheque to help it find a way to move beyond the monetary policy objectives that were the excuse for its independence in the first place. You need not be a hardcore libertarian to see these developments as dubious.”

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“Here we can see the perverse nature of its incentives. The Bank of England has spent years engaged in experimental monetary policies that have blown a hole in its finances — and now the Bank is asking the Government for a blank cheque to help it find a way to move beyond the monetary policy objectives that were the excuse for its independence in the first place. You need not be a hardcore libertarian to see these developments as dubious.”

https://unherd.com/2023/11/the-bank-of-england-is-out-of-control-andrew-bailey/
