By Christopher Dow, Christopher Taylor, Graham Hacche
Christopher Dow used to be the most entire British economists of the post-war new release. His impact - and relative anonymity - got here from devoting his unheard of skills to public provider for many of his profession, significantly within the financial institution of britain.
The memoirs that he wrote in the course of his time on the financial institution shed a very revealing mild on what's commonly recognized to were some of the most tricky instances for the united kingdom financial system because the Nineteen Thirties, and lots of of those coverage debates are re-emerging this present day within the wake of the 2007 recession. those memoirs should not simply informative and topical for present monetary coverage, but in addition discover the character of existence on the most sensible of the financial institution in the course of these afflicted instances, portray unique graphics of key protagonists on the head of government.
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Additional resources for Inside the Bank of England: Memoirs of Christopher Dow, Chief Economist 1973-84
A crucial change was the assignment of divisions and departments to individual executive directors, giving the latter genuine executive responsibility, and reconstituting department heads as assistant directors reporting to directors rather than to the Governors. A major aim of the reform was to strengthen the analytical parts of the Bank and improve their focus on policy issues and their links with market operations. To some traditionalists this implied an unfortunate separation of the staff between ‘the elite’ and ‘the rest’, whose role and status would be diminished.
He came to the Bank having rebuilt Schroders on the basis of talent carefully recruited; he once said, if there was one thing he could contribute to the Bank (implying, I think, that he felt inexperienced in economic policy), it was choosing people. The role of economists in the Bank of England has, I think, still to be resolved – probably because, 30 years after the Bank of England Act, it has still to be resolved what sort of central bank the Bank will be. Not only by geography but also, in many subtle and personal ways, in spirit, the Bank has remained part of the City.
The main measure adopted in the Budget was the acceleration of corporation tax, whose effect, one would have thought, was more like a curtailment of the government’s lending than of its current budget. Money that previously would have been held in companies’ tax reserves would now be paid over quicker in settlement of tax liabilities. If the borrowing requirement did in fact matter, it was surely not in this way: it should be reduced. My memory is that concern with the borrowing requirement was confined to the Treasury (of course, borrowing was then on a much smaller scale than it later became); and that the measure was unpopular.