Tories Start a Bank Brawl
Leaders with Francine Lacqua
Bloomberg
4.6 • 64 Ratings
🗓️ 28 July 2022
⏱️ 20 minutes
🧾️ Download transcript
Summary
The winner of the conservative party leadership race is not yet decided--and yet there is already a loser: The Bank of England. The central bank has caught a lot of heat from the contest to become Britain's next prime minister. Tensions are brewing over political influence in central banking and financial regulation. This week, David Merritt unpacks those tensions with Bloomberg senior reporter Phil Aldrick and Bloomberg Television's Lizzy Burden. They discuss the history of the bank's independence, the threat it's currently facing, and whether the man at the helm of the bank, Andrew Bailey, is savvy enough to tackle the challenges.
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| 0:54.9 | now on Apple, Spotify, or anywhere you listen. The government will set the inflation target. The Bank |
| 1:01.6 | of England will be charged with the setting of interest rates, and it will do it through the |
| 1:06.3 | monetary policy committee. That will be the instrument for making the decision about |
| 1:10.7 | interest rates. |
| 1:11.8 | There is no membership of that for the Chancellor or Chief Secretary or anybody else. |
| 1:16.0 | There is no politician involved in that committee at all. |
| 1:20.8 | That was then-Chancellor Gordon Brown at his first Treasury news conference back in 1997. |
| 1:27.4 | He stunned the city and Westminster by hand in control |
| 1:30.3 | of Britain's interest rates to an independent Bank of England. Well, this week, the old lady |
| 1:35.3 | of Threadneedle Street turns 328. So we thought it would be a good time to reflect both of the |
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