Outlook: Bank of England
Tuesday 27 April 1999
What's more, Mr Wadhwani has spent some years working in the financial markets - first for Goldman Sachs and then for one of the world's largest hedge fund operators - and that in the eyes of many should further count against him. What's needed, contends this lobby, is someone firmly grounded in reality, an industrialist with some understanding of the pain being inflicted by high interest rates on manufacturers and others vulnerable to the strong pound. Instead we've got yet another person with his head in the clouds.
Well, perhaps, but actually Mr Wadhwani's expertise and work would seem to qualify him better rather better than most for the impartial decision- making that must lie at the heart of an independent monetary policy. Actually, it is a good thing the MPC is staffed by "experts". To have an industrialist or trade unionist determining interest rates wouldn't seem to be much of an advance on the Chancellor. It is also just as well, given the money the City seems prepared to pay people like Mr Wadhwani these days, that there is still anyone public-spirited enough to do it.
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