HAS THE OLD LADY of Threadneedle Street lost her marbles? Can the Bank of England still do anything right?
In its first 25 years of independence from the Treasury and the politicians it delivered an inflation rate which, on average, was exactly on the 2 per cent target. Admittedly, inflation had its ups and downs, and the Great Recession of 2008 and 2009 was a blot on the escutcheon. All the same, for a generation it was widely admired and respected as an efficient part of