UK shadow minister urges policy reforms

Philip Hammond, Conservative MP for Runnymede and Weybridge, and shadow chief secretary to the Treasury, says it is time for a major rethink on UK monetary policy. In his keynote address at Risk magazine's Derivatives Summit 2008, held in London on June 24, he said current policies have contributed to rocketing house prices and unsustainable levels of public and private debt.

"Once inflation targeting was institutionalised by the Bank of England Act, everything else in the economy - the exchange

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