Britain 'lacks anti-inflation culture'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A SUSTAINED fight against inflation seemed to be beyond the capacity of any political party, Lord Desai, professor of economics and a Labour frontbench spokesman, observed last night as the House of Lords considered whether the Bank of England should have a bigger role in securing long-term price stability, writes Stephen Goodwin.
Britain lacked an anti-inflationary culture and it would not be easy to inculcate one, he said.
The Earl of Caithness, Minister of State for Transport, said Britain's experience, with inflation at 3 per cent, showed the right policies got inflation down whatever the institutional arrangements.
Initiating the debate, the former Coal Board chairman Lord Ezra, for the Liberal Democrats, said the time was right for the Bank to be given greater responsibility. 'It is essential that an effective institutional framework should be established to secure price stability in the long term, and above all to avoid the ebbs and flows that have been so damaging to the British economy.'
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments