vikingTON Posted February 12, 2014 Share Posted February 12, 2014 The MPC is guided by the Government's policy. So right now, the MPC does what is needed to achieve (amongst other things) the Government target of 2% inflation. This is not an issue. The European Central Bank operates according to the same policy, it's a fairly static (though entirely arbitrary) principle. Link to comment Share on other sites More sharing options...
Reynard Posted February 12, 2014 Share Posted February 12, 2014 He's scoring a goal in the 1st minute, even if he thinks better of it and doesn't close the door this week he's still shooting from his own half, if BT don't use it this week they will never be able to use it. He's just sunk your boat completely. The string quartet are currently playing Nearer My God To Thee as the women and children man the lifeboats. Link to comment Share on other sites More sharing options...
ayrmad Posted February 12, 2014 Share Posted February 12, 2014 He's just sunk your boat completely. The string quartet are currently playing Nearer My God To Thee as the women and children man the lifeboats. Keep telling yourself this, if he had kept it 'til September you may well have been correct, he's showed 1 of aces b4 the flop, that's never sensible. Link to comment Share on other sites More sharing options...
The Master Posted February 12, 2014 Share Posted February 12, 2014 This is not an issue. The European Central Bank operates according to the same policy, it's a fairly static (though entirely arbitrary) principle. Your claim was that currency issues are decided by the BoE MPC and not George Osbourne. But the BoE only does what is required to fulfil government policy. So ultimately it is George Osbourne who decides currency issues, by setting a policy that requires such-and-such an action to be taken. Link to comment Share on other sites More sharing options...
Colkitto Posted February 12, 2014 Share Posted February 12, 2014 That will be the NCC with their currency union thingy then? Puleeease control our economy London puleeease!!!! Think there is a slight difference in mutual agreement between countries and actually being told vote No or we'll try and ruin your economy! Link to comment Share on other sites More sharing options...
H_B Posted February 12, 2014 Share Posted February 12, 2014 Note also that under the 1998 act :- " the Government has the power to give instructions to the Bank on interest rates for a limited period." Also, the Chancellor appoints 4 of the MPC. They are political appointments. Link to comment Share on other sites More sharing options...
H_B Posted February 12, 2014 Share Posted February 12, 2014 Think there is a slight difference in mutual agreement between countries and actually being told vote No or we'll try and ruin your economy! Can you outline why rUK should feel obliged to enter into any currency union, because a departing Scotland would really quite like them to? Link to comment Share on other sites More sharing options...
banterman86 Posted February 12, 2014 Share Posted February 12, 2014 Keep telling yourself this, if he had kept it 'til September you may well have been correct, he's showed 1 of aces b4 the flop, that's never sensible. 2 weeks out would surely have been too late, it seems like they decided to go for it on the back of the Carney speech. Link to comment Share on other sites More sharing options...
orlandoblue Posted February 12, 2014 Share Posted February 12, 2014 No doubt someone will correct me but as a new state, i.e. not a continuing or successor state to the UK, there is no legal requirement to take on the debt of the original state (or successor state). Salmond has repeatedly said Scotland would take it's fair share (i.e per head: 8% of the population = 8% of the debt) but they don't tehcnically have to, and might be persuaded to be more intransigent on the basis of any outright rejection of a currency union. Thanks for that. Hypothetically then, of all current uk countries votes to become independent who is responsible for the debt? Link to comment Share on other sites More sharing options...
ayrmad Posted February 12, 2014 Share Posted February 12, 2014 2 weeks out would surely have been too late, it seems like they decided to go for it on the back of the Carney speech. And they've went for it far too early, telling Scotland 7 months out that you're willing to try and ruin their economy is not a good ploy, that's a large chunk of rUK leverage in post YES discussions thrown in the bin. Link to comment Share on other sites More sharing options...
Reynard Posted February 12, 2014 Share Posted February 12, 2014 Keep telling yourself this, if he had kept it 'til September you may well have been correct, he's showed 1 of aces b4 the flop, that's never sensible. Why wait 'til then? The WP was delivered before Christmas, a few weeks later the currency union bit has been destroyed after weeks of telling the nats that it wasn't going to happen. In the spirit of fair play it gives them seven months to get back on to the other side of the fag packet to deliver us something else in the way of currency. A sporting chance. Link to comment Share on other sites More sharing options...
H_B Posted February 12, 2014 Share Posted February 12, 2014 Thanks for that. Hypothetically then, of all current uk countries votes to become independent who is responsible for the debt? France. Link to comment Share on other sites More sharing options...
vikingTON Posted February 12, 2014 Share Posted February 12, 2014 Your claim was that currency issues are decided by the BoE MPC and not George Osbourne. But the BoE only does what is required to fulfil government policy. So ultimately it is George Osbourne who decides currency issues, by setting a policy that requires such-and-such an action to be taken. When did George Osborne set a 2% inflation target? That's right; he hasn't. He has simply continued with the static regime, with absolutely no intention of doing anything else. It's a pedantic non-issue. Link to comment Share on other sites More sharing options...
H_B Posted February 12, 2014 Share Posted February 12, 2014 And they've went for it far too early, telling Scotland 7 months out that you're willing to try and ruin their economy is not a good ploy, that's a large chunk of rUK leverage in post YES discussions thrown in the bin. But wait. Weren't you one of the NCC DEMANDING that Osborne settle this once and for all and state the UK's position pre-Referendum? Link to comment Share on other sites More sharing options...
ayrmad Posted February 12, 2014 Share Posted February 12, 2014 Thanks for that. Hypothetically then, of all current uk countries votes to become independent who is responsible for the debt? Whoever wants to take on the responsibility, it certainly isn't Scotland. Link to comment Share on other sites More sharing options...
ayrmad Posted February 12, 2014 Share Posted February 12, 2014 Why wait 'til then? The WP was delivered before Christmas, a few weeks later the currency union bit has been destroyed after weeks of telling the nats that it wasn't going to happen. In the spirit of fair play it gives them seven months to get back on to the other side of the fag packet to deliver us something else in the way of currency. A sporting chance. At least you're acknowledging that they've played it too early. Link to comment Share on other sites More sharing options...
H_B Posted February 12, 2014 Share Posted February 12, 2014 How absolutely rattled is Sturgeon incidentally... you can taste the seethe :- "It is a bluff, because if this was to be the position of the Westminster government then it would put them in a position that's at odds with majority public opinion in Scotland, it would put them at odds with majority public opinion in England. "It would cost their own businesses hundreds of millions of pounds, it would blow a massive hole in their balance of payments and it would leave them having to pick up the entirety of UK debt." Link to comment Share on other sites More sharing options...
ayrmad Posted February 12, 2014 Share Posted February 12, 2014 But wait. Weren't you one of the NCC DEMANDING that Osborne settle this once and for all and state the UK's position pre-Referendum? I'm not disappointed with Osborne stating his position in February, it weakens his position considerably come October. Link to comment Share on other sites More sharing options...
orlandoblue Posted February 12, 2014 Share Posted February 12, 2014 France. It's little wonder the majority of independence debate on here is best avoided. Link to comment Share on other sites More sharing options...
banterman86 Posted February 12, 2014 Share Posted February 12, 2014 And they've went for it far too early, telling Scotland 7 months out that you're willing to try and ruin their economy is not a good ploy, that's a large chunk of rUK leverage in post YES discussions thrown in the bin. He's not looking for leverage post-Yes, he;s looking for a No vote. The only more oppurtune time would probably have been SNP conference, or the White Papaer launch. Link to comment Share on other sites More sharing options...
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