Paper Topic:
What has happened in the economy of the United Kingdom over the last two years?(Nov 2006-Nov 2008)
THE ROLE OF THE BANK OF ENGLAND IN THE LAST TWO YEARS (Name and Number (Institution (Grade /Course (Tutor 's Name 6th November 2008 Introduction Established in 1694 and nationalized in 1946 , the bank of England performs all the functions ? Banker to the Government ? Manages the issue of Government Debt ? Banker to the Commercial Banks ? Holds gold and foreign-exchange reserves ? Manages the issue of notes and coins ? Implements domestic monetary policy (Brentworth , 2008 , pp . 100 Currently headed by Mervyn King , its main operations are carried out by the bank 's Monetary Policy Committee (MPC
) which decides on the interests rates to apply in the economy as guided by existing market conditions . Such interest rates decided by the bank impact heavily on all the areas of the economy mostly felt in domestic monetary markets (lending figures , share market , housing prices etc , exchange rates statistics , demand and output data and the labor market which all combine to determine economic growth . Judging by the impact that the activities of the bank on the various markets , this discusses the performance of the bank in the last two years as a failure . Again , the projections of the bank for the next two years are analyzed in deep showing that the next two years have nothing more promising other than that the already bad situation economic wise is going to persist
Failed policies
The estimation by the bank of a 2 inflation rate for the 2008 -2009 financial period has been trashed by experts as...
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