Historic BoE minutes shed light on troublesome money supply targets

Bank of England
The Bank of England

The Bank of England (BoE) today (May 20) published the minutes of its Court meetings from 1976–1987, shining new light on the turbulent period during which monetary policy targeted the money supply.

The minutes, which represent the BoE's last major release under its new transparency policy, show how the central bank grappled with unwieldy tools and its lack of independence from government.

Amid the typewritten lines there are hints of a clash between economic and political goals, and by 1987 the

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