Problems of Bank Independence and Policy Drift

Andrew critiques Bank of England independence and explains how the inflation-target framework became meaningless.

Play episode from 28:19

chevron_right

Transcript

chevron_right

Transcript

Episode notes

Britain is now poorer than the poorest American state and economist Andrew Lilico says a full-blown fiscal crisis is coming within ten years. He explains how Britain broke itself, why the political establishment lost its faith and the £180 billion in spending cuts he believes should be the baseline, not the radical option.

Andrew Lilico is Executive Director of Europe Economics and Chairman of the IEA Shadow Monetary Policy Committee. He is one of Britain's most prominent economists and a regular voice on UK fiscal policy.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TIMESTAMPS:

00:00:00 - Britain Is Poorer Than We Pretend

00:01:17 - The Coming Fiscal Crisis

00:02:48 - The Three Forms Of A UK Fiscal Crisis

00:05:00 - How Britain Betrayed A Generation

00:09:11 - ONE Oligarchy Or Competing Ones

00:13:06 - The 20-year Loss Of Coherence In British Politics

00:15:00 - Why Politicians No Longer Trust Voters

00:17:56 - When The System Broke

00:19:42 - Short-Termism And The Death Of Economic Justice

00:22:34 - WHO Actually Runs Britain