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In a complex world, technocrats argue that politicians of all persuasions require the input of economic expertise to formulate ‘responsible’ economic policy, defined as a long-term policy that is in the interests of all. In the UK, monetary policy and the associated level of interest rates is delegated to an ‘independent’ Bank of England, whose ‘responsible’ goal is the maintenance over time of price stability (a 2 per cent inflation target).
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