Bank of England warns UK's elected officials that it runs the country

Carney: Bank of England Will Tolerate Higher Inflation for the Sake of Growth

By Szu Ping Chan and Tim Wallace
The Telegraph, London
Friday, October 14, 2016

The Bank of England is prepared to tolerate higher inflation over the next few years and will keep interest rates low to support economic growth, according to Governor Mark Carney.

Mr. Carney told an audience in Nottingham that the current environment of low inflation was "going to change" with the drop in the value of the pound likely to push up prices across the economy.

He said food prices were likely to be affected first, signalling that the situation was "going to get difficult" for those on the lowest incomes as the United Kingdom moves "from no inflation to some inflation."

Speaking later in Birmingham, Mr. Carney defended the bank's independence, insisting that policymakers would not "take instruction" from politicians on how to do their jobs.

"The objectives are what are set by the politicians, the policies are done by technocrats," he said. "We are not going to take instruction on our policies from the political side." ...

... For the remainder of the report:

http://www.telegraph.co.uk/business/2016/10/14/carney-bank-of-england-wi...