UK shadow chancellor shifts on bank independence

UK - UK Chancellor Gordon Brown deserves "great credit" for his decision to give the Bank of England independence, Michael Howard has said.

In a speech on Monday, the shadow chancellor said that he is convinced the move - made just after the 1997 election - was a change for the better.

But he warned that to join the euro would break a recent cross-party consensus on monetary policy.

His views on the Bank of England's independence represent a significant change in policy for the conservative p