Walking on
THE CHANCELLOR has graciously allowed the Bank of England a walk-on part in the Changing of the Interest Rate. To think that, not so long ago, the Radcliffe Committee advised the Bank to announce that it had changed its rate 'with the agree- ment of the Chancellor'. Now the Treasury and Civil Service Committee of the House of Commons is looking at the Bank of Eng- land, and I can exclusively guess what it will say. It will propose a wider role for the Committee. There, not too difficult, was it? That will suit the lobbyists, like Lord Roll and his Greatest and Best, who want the Bank to be accountable to good old consti- tutional Parliament and not to that horrid arbitrary Treasury. The previous Chancel- lor — I'll forget my own name next hijacked the Bank's stately Bulletin and turned it into an Inflation Report, in what must be regarded as a vain attempt to save his face. I regret this (and I note that the Treasury's rival bulletin has ceased publica- tion) but there is nothing to stop the Bank reporting on its own stewardship. It could bring out a Monetary Report. Then it could send a copy to the Committee, and offer to come along and answer questions. It might even answer them. Now that would widen the Committee's role, wouldn't it?
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