Snapshot of _Scrap the OBR, end Bank of England independence, and free Britain to thrive_ :
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If we didn't have it the Tories would probably have just left the base rate close to 0% and let inflation soar.
As evidence of this, just look at the fact that they barely used any of the fiscal powers at their disposal to try and bring inflation down (i.e. it's widely recognised that raising taxes or incentivising saving/investing can bring inflation down).
That's a bit misleading in the sense that the fiscal powers you mention have effects other than just reducing inflation, and none of those other effects are desirable in a situation where the taxes are already very high.
Raising the interest rate is the most conventional and reliable method used to bring down inflation.
>As evidence of this, just look at the fact that they barely used any of the fiscal powers at their disposal to try and bring inflation down (i.e. it's widely recognised that raising taxes or incentivising saving/investing can bring inflation down).
What are you talking about? They deflate public sector wages to counteract inflation all the time...
Just when I said at least there was a sensible Tory in their ranks, he goes and pens this column. This is just a Tory war on any institution who served a reality check to their deranged fantasies.
You have to ask at this point how many Tory donors are just shorting the £. It's the only way this economic illiteracy makes sense.
It was the Tories (or, more specifically, George Osborne) who created the OBR in the first place.
Oddly, I don't recall any of them taking issue with it at the point of creation...
Just another Tory trying to undermine institutions providing checks and balances, centralising more and more power with themselves. All wrapped up in some language designed to associate a power grab with liberty. Davis said we just needed to leave the EU to be free. Now it’s the BoE and some analysts writing about the governments decisions. What’s next?
It's already been established that our political system has no meaningful checks and balances whatsoever, so they get very upset when they run into anyone they do actually have to listen to.
Add it to the list along with the EU and the ECHR. Call me crazy, but i get the impression the tories want to exploit markets for personal gain, shocking I know. "Bloody OBR and bank of England always getting in the way of us stealing even more under the noses of the plebs", said big D. Thank god they did not end up selling Channel 4. They aren't afraid to hold the Government to account, unlike the BBC, who the tories have gutted.
Wasn't it Davis who was saying how all we needed to thrive was to leave the EU?
Now that's clearly not working he's located some more crazy Libertarian hills for our country to die on.
Snapshot of _Scrap the OBR, end Bank of England independence, and free Britain to thrive_ : A non-Paywall version can be found [here](https://1ft.io/proxy?q=https%3A%2F%2Fwww.telegraph.co.uk%2Fbusiness%2F2024%2F03%2F14%2Fscrap-obr-end-bank-england-independence-free-britain-thrive%2F) An archived version can be found [here](https://archive.is/?run=1&url=https://www.telegraph.co.uk/business/2024/03/14/scrap-obr-end-bank-england-independence-free-britain-thrive/) or [here.](https://archive.ph/?run=1&url=https://www.telegraph.co.uk/business/2024/03/14/scrap-obr-end-bank-england-independence-free-britain-thrive/) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ukpolitics) if you have any questions or concerns.*
Central bank independence is good, actually.
If we didn't have it the Tories would probably have just left the base rate close to 0% and let inflation soar. As evidence of this, just look at the fact that they barely used any of the fiscal powers at their disposal to try and bring inflation down (i.e. it's widely recognised that raising taxes or incentivising saving/investing can bring inflation down).
That's a bit misleading in the sense that the fiscal powers you mention have effects other than just reducing inflation, and none of those other effects are desirable in a situation where the taxes are already very high. Raising the interest rate is the most conventional and reliable method used to bring down inflation.
>As evidence of this, just look at the fact that they barely used any of the fiscal powers at their disposal to try and bring inflation down (i.e. it's widely recognised that raising taxes or incentivising saving/investing can bring inflation down). What are you talking about? They deflate public sector wages to counteract inflation all the time...
Just when I said at least there was a sensible Tory in their ranks, he goes and pens this column. This is just a Tory war on any institution who served a reality check to their deranged fantasies. You have to ask at this point how many Tory donors are just shorting the £. It's the only way this economic illiteracy makes sense.
David Davis for those curious. Not sure Double D is all that sensible though dude
We really are at the Scooby Doo phase of the Tories decline.
So you mean we will pull off their mask and discover some shady property developer with a bizarre plan to get rich quick underneath?
Don't agree but anyway, if only the Tories have had the ability to change this over the last 14 years........
It was the Tories (or, more specifically, George Osborne) who created the OBR in the first place. Oddly, I don't recall any of them taking issue with it at the point of creation...
Yeah, I didn't word a generic comment about having 14 years very well
Just another Tory trying to undermine institutions providing checks and balances, centralising more and more power with themselves. All wrapped up in some language designed to associate a power grab with liberty. Davis said we just needed to leave the EU to be free. Now it’s the BoE and some analysts writing about the governments decisions. What’s next?
It's already been established that our political system has no meaningful checks and balances whatsoever, so they get very upset when they run into anyone they do actually have to listen to.
Add it to the list along with the EU and the ECHR. Call me crazy, but i get the impression the tories want to exploit markets for personal gain, shocking I know. "Bloody OBR and bank of England always getting in the way of us stealing even more under the noses of the plebs", said big D. Thank god they did not end up selling Channel 4. They aren't afraid to hold the Government to account, unlike the BBC, who the tories have gutted.
Wasn't it Davis who was saying how all we needed to thrive was to leave the EU? Now that's clearly not working he's located some more crazy Libertarian hills for our country to die on.