Scrap Bank of England’s Powers After Century of Boom and Bust, Says Think-Tank
UK should return to historic system of “free banking”, the Adam Smith Institute argues
by Peter Spence, Economics Correspondent
Telegraph.co.uk
The Bank of England should abolish the Monetary Policy Committee and dump its inflation target because the regime has been responsible for creating a century of boom and bust, a think-tank has claimed.
The Adam Smith Institute (ASI), a free market think-tank, has said in a report that the central bank’s monetary interventions have made the UK more prone to banking crises, and have caused the wider economy to become less stable.
At present, the nine-strong Monetary Policy Committee (MPC) decides on UK monetary policy. Eamonn Butler, the ASI’s director, said this group of experts had “done a very poor job of managing our money”.
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Source: http://financialsurvivalnetwork.com/2016/01/scrap-bank-of-englands-powers-after-century-of-boom-and-bust-says-think-tank/?utm_source=rss&utm_medium=rss&utm_campaign=scrap-bank-of-englands-powers-after-century-of-boom-and-bust-says-think-tank
