City View: House Prices? Nothing to Do with Us Old Boy . . .

Summary

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Month after month the Bank of England asserts that it does not target house prices -any more than it targets share prices or the price of Georgian silver. Month after month nobody believes it.

How on earth can a commonsensical onlooker accept that this conscientious guardian of Britain's economic stability fails to do what it can to steady such a blatantly unstable feature of our economy? Surely, the Bank dodges the issue in public because Chancellor Brown has chosen to lumber it with a measure of inflation that pretends everybody lives in a rented home and that council tax doesn't exist.

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Extract

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City View: House Prices? Nothing to Do with Us Old Boy . . .

It is not wise for the Bank of England, however independent, to make public mockery of a Chancellor of the Exchequ...

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