Andrew Bailey recently claimed that the Bank of England has saved the government £125 billion. The Bank of England’s governor was responding to Reform deputy leader Richard Tice’s criticism that the Bank’s policies have cost taxpayers a fortune. Just weeks earlier, Reform leader Nigel Farage questioned the very idea of central bank independence, suggesting he might replace Bailey if he became prime minister. So is the Bank of England too independent for its own good?

Independence, once a shield against politics, has become a licence for technocracy

The concept of central bank ‘independence’ has certainly morphed into something it was never intended to be. Independence wasn’t about granting unelected officials unlimited discretion, but protecting monetary policy from political interfe

See Full Page