Thanks to the FT for this.
George Osborne – less than two weeks ago – on irresponsible politicians (i.e. Vince Cable) who call on the Bank of England to slash interest rates:
I do not think that it is particular sensible either for politicians speaking from the frontbench to call on the Bank to cut or increase interest rates. Indeed, I make it a practice not to comment on them.
But… from George Osborne’s article in the Telegraph 29th October:
The government should do nothing that makes it more difficult for the Bank of England to cut interest rates. It must be for the independent MPC to make its judgment, but it is a statement of fact that, with interest rates still at 4.5 per cent, there is plenty of scope to stimulate demand with lower rates.
And there is more. Here’s Osborne on the BBC World at One a couple of days ago.
Martha Kearney: And there are also pressures for immediate interest rate cuts which in themselves won’t help sterling but do you think there is a case for bringing forward an announcement on that?
George Osborne: Well I’ve always taken the view that either the chancellor of the exchequer or the person who wants to be the chancellor of the exchequer shouldn’t try and speculate on interest rate movements. I mean that is a very important principle to my mind of an independent central bank. Of course, you know, everyone in the country wants to see interest rates come down but that has got to be a, the timing of that and the approach that the Bank of England takes to interest rates must be something left to an independent Monetary Policy Committee.
And here’s wee Gideon (extreme right) in his youth. The worrying thing is that they allowed someone who appears to be such a complete simpleton access to a shotgun.
Hat tip to The Daily Pundit