Lack of experience costs the Bank

Alex Brummer, a veteran economic commentator, criticised the Bank of England's monetary policy makers, their appointment process and their performance.

Writing in the New Statesman, a weekly magazine, he says: "The big difference between the Fed, the European Central Bank and the MPC is that the first two institutions are dominated by experienced central bankers." "All those voting on the ECB are central bankers in their own country who are steeped in the history of inflation and monetary