A blue sky is seen above the Bank of England in the City of London, Britain, November 3, 2016. REUTERS/Peter Nicholls
Former shadow Chancellor Ed Balls, says government must share more responsibility with the Bank of England to oversee stability in the economy.
Mr Balls who was an architect of the Bank’s independence in the late 1990s said the case for the Bank’s full operational independence should still be possible.
The former Labour MP played a vital role in taking away the right of politicians to set interest rates and giving the responsibility to the Bank. Last month Theresa May took the unusual step to criticise the Bank for keeping rates at an all time low.
Mr Balls has said central banks are still too vulnerable to political attack and the government should shoulder some criticism for its poor infrastructure spending to support the economy.
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HeadlineEd Balls say government must support Central Bank
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A blue sky is seen above the Bank of England in the City of London, Britain, November 3, 2016. REUTERS/Peter Nicholls
Former shadow Chancellor Ed Balls, says government must share more responsibility with the Bank of England to oversee stability in the economy.
Mr Balls who was an architect of the Bank’s independence in the late 1990s said the case for the Bank’s full operational independence should still be possible.
The former Labour MP played a vital role in taking away the right of politicians to set interest rates and giving the responsibility to the Bank. Last month Theresa May took the unusual step to criticise the Bank for keeping rates at an all time low.
Mr Balls has said central banks are still too vulnerable to political attack and the government should shoulder some criticism for its poor infrastructure spending to support the economy.
