The Bank of England: 15 years on

Fifteen years ago to the week, in May 1997, the thumping strains of D:Ream's Things Can Only Get Better heralded the arrival of Tony Blair, Gordon Brown and New Labour. The music was still ringing in the new chancellor's ears as he gave the Bank of England its independence. History does not relate whether there was any "old-fashioned disco dancing", in Sir Mervyn King's inimitable phrase, in Threadneedle Street that week. But the Bank siezed its opportunity - to direct monetary policy without fear or favour - with both hands. Fifteen years on, in May 2012, you might say, there is no n...