A word of respect
THEY could start with a word of respect for Gordon Brown's bold decision. If that is too much for them, they could credit the idea to a Conservative chancellor, Nigel Lawson, who proposed it in his resignation speech. Of course in a democracy the Bank must be accountable for its actions — but that an historic national institution might be more credible than a transient minister, and therefore more effective, is by its nature a Conservative concept, or so the commissioners might say. They will be tempted to tinker with the model: more security of tenure for the rate-setters, pay- ment by results, or even a new name-plate. Instead they should be asking what would be left of this institution by the time Mr Brown had finished with it. He aspires to merge the pound into the euro and have interest rates set by the European Central Bank in Frankfurt, with the Bank of Eng- land doubling as minority shareholder and branch office. So much for its indepen- dence. As for its other powers and duties, he has taken the axe to them already.
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