S/E/52. What are the mechanisms and factors underlying inflation rates in the UK since the early 1990's?

In this paper we talk about the history of inflation rates in the United Kingdom with regard to factors underlying policies that were adopted by both the Conservative party, under Margaret Thatcher and the Labour party, before the present Chancellor, Gordon Brown, and the new policies adopted by him. We also look at the issue of Britain leaving the ERM, which lead to an economic recession, and the inept independence giving to the Bank of England in relation to its control of inflation rates by the Labour party, when it came into power in 1997. Additionally, we talk about the various procedures that members of the Monetary Policy Committee have to adhere to.