Monetary Policy in the Conservatives’ 2015 General Election Campaign
The relative prosperity of Britain in 2015 represented the main asset around which the Conservatives built their general election campaign. The strategy that they deployed was the repetition of a litany of their principal economic achievements, in which no mention was made to the government’s moneta...
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| Format: | Article |
| Language: | English |
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Centre de Recherche et d'Etudes en Civilisation Britannique
2015-12-01
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| Series: | Revue Française de Civilisation Britannique |
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| Online Access: | http://journals.openedition.org/rfcb/551 |
| Summary: | The relative prosperity of Britain in 2015 represented the main asset around which the Conservatives built their general election campaign. The strategy that they deployed was the repetition of a litany of their principal economic achievements, in which no mention was made to the government’s monetary policy actions. The fact that the outgoing government did not use the possible success of the last five years’ monetary policy as a campaign argument contrasted with the re-politicization of monetary policy that had accompanied the introduction of forward guidance in Britain in 2013. It can be explained by the difficulty of assessing the exact effect of monetary policy on the recovery, the loss of credibility encountered by forward guidance as it was modified according to economic conditions, and the robustness of the framework itself, which is based on the Bank of England’s independence. |
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| ISSN: | 0248-9015 2429-4373 |