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Osborne needs a change of direction, says top former Bank of England official

By Adam Posen   January 2013

Man of Steel? The chancellor visits Port Talbot works

While serving on the Monetary Policy Committee, the committee at the Bank of England that sets interest rates, I avoided addressing directly the current government’s Plan A for economic recovery through austerity. I felt and feel that sitting central bankers should not publicly comment on fiscal policy beyond forecasting its short-term effects, or on structural matters. Silence, however, was not assent on my part. For two-and-a-half years, the coalition government’s economic policies have focused on the wrong narrow goal, been self-defeating…

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