Letter: Backing the Bank
Saturday 10 October 1998
I would just wish to make one point. The idea that I was telling reporters that a rate cut was "in the bag" is totally contradicted by your own front page story last Monday (5 October) which, as it turned out, correctly predicted "Interest rates to fall this week". The source of the story was not "off the record" Treasury briefing, but your own reporter's interpretation of the Governor of the Bank of England's "on the record" remarks at a press conference in Washington.
It was this Chancellor who made the Bank independent and it is this Chancellor who will continue to give the Bank of England his full support whatever difficult decisions it must make.
Chancellor's Press Secretary
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