It was the first weekend in May 1997 and Tony Blair’s new administration, barely unpacked, handed the Bank of England operational independence to set interest rates. This marked a major shift in UK economic policymaking and bought the government something more valuable than any single policy: credibility.That reset lasted a decade, and it paid for a lot of subsequent ambition.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Burnham needs a tough fiscal reset to restore bond mark credibility
A credible government could borrow more without spooking the market if it also crossed political red lines to make genuine spending cuts.
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