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It’s the Sixth
On 6th May 1997, the Labour government of Tony Blair gave the Bank of England independence from political control. It was the most significant change in the Bank’s 300 year history and it meant that it was able to independently set interest rates and decide the UK’s fiscal policy.
Many people believe it was one of the best decisions the Labour government made, as it allowed the Bank of England to set interest rates without any political pressure being brought to bear. However, it also set up a chain of events that, over a decade later, made Nick Leeson’s losses at Barings look like some loose change you dropped down the back of the sofa.
The 2010 General Election will be held on the thirteenth anniversary of the decision to hand independence to the Bank of England and, coincidentally, it could well be the ramifications of that decision that decide the outcome of the election this time.
“Britain is on the road to recovery and nothing we do should put that recovery at risk,” said Gordon Brown on the steps of Number Ten as he announced the election date of May 6th; “probably the worst-kept secret of recent years”.
Dissolution
Earlier in the day, the PM had driven the mile or so to Buckingham Palace to meet the Queen, who had been helicoptered in from Windsor Castle (quite what the carbon footprint of this morning’s announcement is, one can only speculate). Brown said, oddly, “The Queen has kindly agreed to the dissolution of Parliament and a General Election will take place on May 6.”
(Kindly? What did he expect? Did he think Her Maj would stomp around complaining that the Election clashed with George Clooney’s birthday and so she’d have to choose between a Hollywood bash for Cloono and being around to sign important Election paperwork?)
Opposition reaction
DaveCam began the first day of the campaign with a half-hour jog, leaving his west London home at 6.30am. On his return, he said, “pffffftttthhhhhhhhh – Lucozade, inhaler, pant, pant, pant, pant” before getting his breath and announcing, “I think the Conservatives - the modern Conservatives - have got the energy, the leadership, the values, to get things done in our country and that is what we need - a fresh start.”
As he left his south-west London home, Nick Clegg, the Liberal Democrat leader, said that he was looking forward to the month-long campaign, and insisted that the race for Number 10 was “wide open”.
Campaign trail
So, after three more days of Commons debate (the so-called ‘wash-up’), all politicians will head out on the campaign trail ahead of polling on May 6th. One Labour politician who will be celebrating on May 6th, come what may, is Tony Blair. The former PM won’t necessarily be toasting the demise of his embittered former Chancellor on that day – he will be celebrating his 57th birthday.