Wednesday, 15 October 2008
More Nonsense From Vince Cable
Vince Cable continues to be the most over-rated man in Brtitish politics. At Prime Minister's Questions today he's arguing that the government should tell the Bank of England to cut interest rates. But surely the independence of the Bank is about the only worthwhile reform of the British government in the last 10 years? Indeed, I seem to remember interviewing Cable for a Bloomberg column some time ago when he criticised Gordon Brown for telling the Bank what to do. As it happens, the Bank will cut interest rates dramatically over the next six months anyway..but once it starts taking instructions from the government its independence is gone forever. Surely even Cable can figure that out.