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Db's avatar

As usual spot on Jack . Wasn't Carney a non dom whilst head of the Bank of England ?

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John Woods's avatar

Thank you for the summary of economic policy since the founding of the Bank of England in 1694. One of the principal founders went on to become part of the Darien Adventure which bankrupted Scotland and facilitated the Union of Scotland with England. The offer to pay compensation to the holders of the Darien Stock swayed the Scottish Lairds during the two days they spent debating the surrender of Scottish Sovereignty. The Pound was worth just over $4 in 1945, and vastly overvalued which greatly hampered our exporters. Eventually it was devalued by Wilson to $2.40 in 1966 and floated by Heath in 1971. Goodbye to all the crises caused by trade deficits causing successive governments to restrict economic activity by raising interest rates. Finally Thatcher closed down most of our heavy industry and coal mines and ushered in the modern world where the financial services industry controls most of the activities the rest of us pursue and charge us for the privilege.

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