Sushil Wadhwani, the outgoing member of the Bank of England's Monetary Policy Committee, which sets ...
Sushil Wadhwani, the outgoing member of the Bank of England's Monetary Policy Committee, which sets interest rates, has just blown his trumpet in the debate over just well the MPC is living up to its mandate.
The FT reports that Wadhwani believes the MPC has lost its way because it continues to undershoot its inflation target.
Wadhwani is known as a so-called dove, a member of the MPC who believes that economic growth should not automatically be sacrificed at the alter of monetary policy simply in order to keep within the government's target 2.5% annual inflation rate.
But having a 2.5% rate as the target does not mean the bank should keep money supply so tight that the rate comes in consistently under this target, as this will impact the economy in other ways.
The Times chips in with a continuation of its theme this week that official statistics being used to set interest rates in the UK are flawed.
The paper today reports that a study done by the US Federal Reserve found that quarterly UK GDP growth data was much more prone to upwards revisions than any of the other G7 countries during the period 1988-1997.
The paper quotes Citigroup economist Michael Saunders as saying the Office of National Statistics itself acknowledging an average upwards revision to its data of 0.2% between 1993-1998.
Saunders says the point of this is that the MPC has to realise that the GDP data it is using will likely be revised upwards.
The Daily Telegraph today points a finger at Aberdeen Asset Management, already in the dock over the performance of its split capital investment trusts, after the news that it held an EGM for its High Income Trust, but forgot to tell a good number of the company's shareholders.
The EGM was called, the Telegraph says, because the value of the trust's assets had fallen so far, yet holders of shares in ISA or PEP schemes knew nothing about the meeting until a letter went out the day after it took place.
The letter apparently apologised, but that the issue is likely to be used as more fodder for those pursuing legal action against Aberdeen for mis-managing and mis-selling its splits products.
The Scotsman today is focused on specific company news following results from mobile operator MmO2 and Sainsburys yesterday.
The most interesting story involves bookie William Hill, floating with a market value between £900m-£1bn, which says it may buy rival Coral.
With betting tax abolished and the sector expected to experience strong demand over the next couple of months - World Cup, Wimbledon, etc - punters could be facing a far different industry come September.
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