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Blair says he came up with idea of an independent Bank of England in 1995

Tony Blair claims he suggested the idea of giving the Bank of England independence to set monetary policy to Gordon Brown.

He says: “In May 1995, we had had the first of a series of discussions in the office, about the Bank of England independence. I was already firmly of the view we should do it.”

As the election loomed, two years later, Blair says: “Gordon had come to the same conclusion, and so when I suggested it, he readily agreed.”

Writing about the day after the election, Blair says he “allowed” Brown to make the announcement and “gave him every paean of praise and status in becoming a major economic figure. I did so firstly because he deserved it, secondly because it was good for the whole thing not to look like a one-man show, and thirdly not doing so would have cause considerable tension.”

Blair says of the move: “I had no doubt it was right. I had been convinced long ago that for politicians to set interest rates was to confuse economics with politics the expedient with the sensible. I had watched the game played out as govern-ments carefully calibrated the interest rate movements with the electoral cycle.”


Jupiter promoted to FTSE 250 index

Asset manager Jupiter is being promoted to the FTSE 250 index of mid-sized equities as part of the index’s latest rebalancing. Jupiter Fund Management floated on the London Stock Exchange on June 21 at 165p a share and as at 11.09am today the shares were valued at 226p – 37 per cent higher. The price […]


Sesame senior management hires ahead of platform launch

Sesame Bankhall Group has recruited Intrinsic and Positive Solutions directors as part of a senior management reshuffle as the firm looks to set up its own investment platform. This week’s Money Marketing reveals the move which will see the platform developed in partnership with another company and unveiled later this year. The group has created […]

David Miliband wins backing

The Blair memoirs, released on the day that ballot papers for Labour’s leadership campaign were sent out, contains reflections on some of the candidates. On David Miliband, the book says: “He did a masterful job of putting the Government programme together, keeping ministers happy even while guiding them, sometimes forcefully, towards a direction other than […]

Leaviss for M&G new bond fund

M&G Investments head of retail fixed income Jim Leaviss is to hand his highyield corporate bond fund to Stefan Isaacs to focus on M&G’s new UK inflationlinked corporate bond fund.


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