The desperation of Labour's attacks on George Osborne is readily apparent in THIS very strange article by blogging Labour MP Tom Harris. He thinks that wizened old Thatcherites like me will have apoplexy at Osborne's suggestion that the Bank of England should intervene to stop rampant house price inflation.
Harris's logic is at best warped and at worst just plain mischievous. He appears to think that Thatcherites are all in favour of a totally free market without any form of intervention from anyone. He needs to read up on his economics. If that were the case there would be no case or need for a Bank of England whatsoever. That way lies madness.
Most people support the Bank of England's role in using its powers to help control inflation. It has always been slightly anomalous that house price inflation has been ignored. All George Osborne is suggesting is that the Bank should now give priority to preventing house price inflation getting out of control, in the way that it did in the late 1980s and over the last ten years. Perhaps if it had had those instructions, we wouldn't be in the dire straits we find ourselves in now.
What Tom Harris is suggesting is that we should "do nothing" (copyright Gordon Brown). Funny that.