21 AUGUST 1999, Page 27

Wish list

THE Bank of England's monetary policy committee has taken its line from the trade union whose executive wished its ailing general secretary an early and complete recovery by seven votes to five, with four abstentions. On inflation, its remit, the committee is split at least three ways. No wonder that the Bank's inflation report, a week ago, left us to work out the answers for ourselves. The faction led by Willem Buiter (who would have thought that this erratic character was supplied by the Rentadutchman Agency?) seemed to think that inflation is on its way out and just need its pillow smoothed. Others argued, as I do, that this would guarantee its early and com- plete recovery. A motion to abstain was then carried unanimously.