Treasury Advisers Have Concerns Over BOE Inflation Fight

The transcript discusses the independence of the Bank of England and its role as an economic advisory body. It highlights the historical context of political criticism, particularly focusing on the separation of monetary and fiscal responsibilities since 1997. The discussion includes past tensions, such as those in 2007 between Mervyn King and Gordon Brown, and the challenges of government criticism of the Bank of England.

What is the primary focus of the Bank of England's economic advisory council?

• To implement monetary policy directly

• To manage the UK's fiscal policy

• To provide guidance on inflation and economic issues

• To oversee the UK's banking regulations

Since when has the Bank of England maintained its independence from political influence?

• Since 2007

• Since 2017

• Since 1997

• Since 1987

What is the traditional stance of politicians regarding comments on monetary policy?

• They frequently comment on it

• They avoid commenting on it

• They are required to comment on it

• They only comment during elections

Who was the Chancellor during the 2007 tension with the Bank of England?

• Philip Hammond

• Alistair Darling

• Gordon Brown

• George Osborne

Why did Gordon Brown refrain from publicly intervening with the Bank of England in 2007?

• He agreed with the Bank's policies

• He wanted to maintain the Bank's independence

• He was unaware of the issues

• He was advised by the Prime Minister not to