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As at about the same time they proudly boasted they were able to stop boom and bust by controlling inflation .
Was this why they gave the bank of England Carte Blanche to set interest rates saying it would be separate from the political pressure and able to support the pound better without political interference.
SORRY SHOULD BE CONSUMER PRICE INDEX not RPI
Thanks steve s
It was a measure to strip housing from the inflation figures - Brown used the excuse that it was a 'harmonisation' to the European measure.
He moved at that time to move the goalposts for the Bank of England so that it did not move (raise interest rates) to choke off rising house prices just before an election.
Gordon Brown was fiddling the figures to suit his own political goals.
The Consumer Price Index excludes the mortgage rate; the Retail Price Index does include the mortgage rate.
Before the current financial crisis, the ''true'' inflation rate (including 40% fuel rises, mortgage repayments, rising cost of fuel, etc, but excluding plasma screen TVs) was at least TWICE the government is ''preferred'' figure used to control public sector pay rises. Everyone knows that the Consumer Price Index is a complete joke.
the pm is the first lord of the Treasury so in fact all the mistakes are his, not the bank of england, the bank is not truly independent, it was a con!
Dude,
They removed food and fuel during President Carter is Administration. Go figure.
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