Time To Add A Few More To The Unemployment Figures?

As an independent body, the Bank of England (fronted my favourite civil servant  Mervyn King) is redundant as an organisation.

I have spent far too much time highlighting their inability to regulate the behaviour of the banks past, present and future. But one of their other key responsibilities is to control our economy to stop boom / bust scenarios being played out and create a stable environment for our economy.  They do this through controlling inflation, setting interest rates and instigating Quantitative Easing.

HOWEVER

Since 2009 we have seen interest rates reduce to their lowest level in history, £375 billion pumped into the UK through Quantitative Easing and VAT rise from 17.5% to 20.0%. The result......a double dip recession that is currently the longest in 50 years.

The latest inflation figures highlight that we are currently at a level of 2.4%, hitting the Bank of England target (2.5%) for the first time since 2009. But here's the thing......the target has been hit by accident not through good policing of economic policy.

To put this simply, the Bank of England is powerless to control / manipulate our economy and as such, might as well not exist at our vast expense.

Surely it’s time for a rethink / fresh approach?

Just a thought……