Later this week the Bank of England’s Monetary Policy Committee (the MPC) is due to hold its next meeting, and once again all eyes will be on them to see if they raise rates from their current 0.75%. Most commentators are predicting a further rise, to at least 1%. But there are a number of reasons why this is not such a foregone conclusion as it might appear, and a number of issues which could cause the Bank to hesitate.
The story of Britain’s relationship with the EU and its precursors over the last 75 years is to a large extent the story of the Conservative Party’s internal debate on the matter. The Tories have at various times been aloof, dismissive, enthusiastic, half‑hearted, complaining and finally overtly hostile to the plans and dreams of the UK’s neighbours. A new book by Conservative peer Lord Tugendhat explores this, and explains why the party that took the UK into Europe was also the party that 43 years later took the country out.