Bank of England Independence: Twenty Years On

On 2nd May, the Strand Group and hosted a half-day conference at King’s College London, featuring discussions led by Visiting Professor Ed Balls, to mark the twentieth anniversary of the New Labour government’s decision to give the Bank of England operational independence in 1997, to reflect on the Bank’s role over the last twenty years, and what it looks like today.

Bank of England Strand Group event-168

Photo credit: The Strand Group

The afternoon comprised of two panels; the first discussing why the Bank was given independence in 1997 and the second looking at the powers, successes and challenges for the Bank today. Speakers included: Ed Balls; Tom Scholar, the current Permanent Secretary to the Treasury; Dr Mark Carney, Governor of the Bank of England; Lord Macpherson, former Permanent Secretary to the Treasury; Rupert Harrison, BlackRock chief macro-strategist and former Chief of Staff to George Osborne between 2006 and 2015; Dame Kate Barker, former member of the Bank’s Monetary Policy Committee (MPC); Lord Burns, Permanent Secretary to the Treasury from 1991 to 1998; and Shriti Vadera, Chair of Santander UK and Cabinet Minister from 2007 and 2010.

Watch the full conference:

Bank of England Strand Group event-102

Photo credit: The Strand Group

To mark the twentieth anniversary, Ed and Harvard PhD student, Anna Stansbury, also wrote an article, published on VOXEU. Read the teaser below:

Posted May 5th, 2017 by Ed's team