If he's remembered for little else, Gordon Brown will go down in history as the man who gave the Bank of England the freedom to set interest rates without government interference, writes Guardian Unlimited Money acting editor Hilary Osborne.
The Monetary Policy Committee (MPC) was born just days after Labour's victory in the 1997 election and this week holds it 100th meeting – a gathering in which it is widely expected to cut rates for the 17th time.
Although the outlook for rates has see-sawed throughout the year, the MPC has stuck to its softly, softly approach. And analysis from the Halifax suggests this has always been its way. The nine committee members have voted to keep rates static on 69 occasions, including a run of 15 consecutive hold decisions between November 2001 and February 2003. On all of the 14 times they have opted to increase rates, and 12 of the 16 occasions they have voted for a cut, it has been by just 0.25%.
Last month, the MPC ignored calls for a cut, but will it do the same as it reaches its century on Thursday lunchtime, or decide it's time to take action? Is the MPC too slow to react to economic data, or should we be grateful for its cautious approach?
