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Updated: 22:56 25/09/21

Scrap the Bank of England’s after 100 years of boom and bust

By Adam Pike, News Editor

12 Jan 2016

According to an independent think tank the Bank of England should abolish its Monetary Policy Committee and abandon its 2% inflation target because the Bank is responsible for a 100 years of boom and bust.

The Adam Smith Institute believes the Bank of England has done more harm than good and has made the economy more prone to financial crises. In the Institutes opinion the Bank of England has done a poor job managing our money.

The report’s author, Anthony Evans, said after a 100 years of failure the Bank’s control over money should be replaced with a free banking system.

The report based on the economic ideas of Friedrich Hayek and Milton Friedman urges current policy makers to learn the lessons of the 1920’s before it’s too late.

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