The Role of the Bank of England

I used to be rather puzzled by the fact that our central bank, the Bank of England, is ‘independent’, despite the fact that it’s owned by the Treasury, and the Treasury is part of the government. This seems to make it in effect an arm of government, but apparently it’s not. This is the official position anyway, and has been since the then chancellor Gordon Brown, ‘set it free‘ in 1997.
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Why is the Left afraid of tax cuts?

The Left is afraid of tax cuts, largely because cutting taxes was historically an aspiration of the Right.

Boiled down to basics this was a reflection of the view that it wasn’t the government’s job to intervene (or interfere) in how we spent ‘our own money’. If we wanted to donate to good causes, such as the alleviation of poverty, well and good. If not, well the money was ours to dispose of as we saw fit.
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Is Rishi Sunak MMT-aware?

Rishi Sunak, our current Chancellor, took over the job when his predecessor, Sajid Javid, was in effect forced out. Sajid Javid was ‘fiscally conservative’—he believed in keeping a tight hold on the government’s purse strings. Rishi Sunak was then an unknown quantity, but he has since shown a contrasting willingness to distribute funds, in the form of the Covid-19 furlough scheme, pretty liberally—for a Conservative, anyway.
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