« Theme of Spring Forum will be 'Routemap to Recovery' | Main | Sunday Telegraph poll has Tories 17% ahead in first post-McBride survey »


Gordon Brown's open letter to Mr George back in May 1997 granted a qualified independence, which in reality meant that the MPC was always expected to do the governments bidding, if it didn't, the government reserved the right to step in and take over. To this day the shadow of the government hangs over MPC policy.

David Cameron's words are a fine tribute to a very fine governor. However perhaps the most fitting tribute would be a Conservative government rolling back the state and letting the MPC become the dispassionate and objective body that it ought to be.

"We knew that we were having to stimulate consumer spending. We knew we had pushed it up to levels which couldn't possibly be sustained into the medium and long term. But for the time being, if we had not done that, the UK economy would have gone into recession just as the United States did."

Sadly Lord George is likely to be remembered far more for his errors of judgment than the excallant work which got him to the top in the first place. I do of course send my condolences to his family at this time.

I think Ross Warren may be proved correct.

In fact on the links above, it goes through an outline of how the Bank was split up in 1997, losing it's supervisory powers, although that part of the story was well against Eddie George's advice. We are now paying the price.

This is sad news. Somehow I found his presence re-assuring.

Condolences to his family.
He may have been respected in the bank, but it is questionable if he deserves wider respect. In his autobiography he admitted fixing the gold market to bail out some bankers who had bet the wrong way. As such he was no friend of the free market and bears some responsibility for the situation we find ourselves in today.
A rising gold price warns of government profligacy, by misleading the market many businessmen have over stretched themselves . We will endure the pain for many years.

Very sad.

He served his time. Alas for him he was not to live that long to enjoy his retirement. As with others here my condolences to his family.

The comments to this entry are closed.



ConHome on Twitter

    follow me on Twitter

    Conservative blogs

    Today's public spending saving

    New on other blogs

    • Receive our daily email
      Enter your details below:

    • Tracker 2
    • Extreme Tracker