We decided not to demur. In private, we had considered doing the same thing ourselves. The idea that central banks should be free of political pressures and the electoral cycle as they set interest rates had become a prevailing one across the world – with good reason after the many wild swings in inflation and interest rates over previous decades.

Ever since, the Bank, like its counterparts such as the US Federal Reserve and the European Central Bank, has been setting interest rates as it wishes to achieve a sustained, low rate of inflation. But such central banks are now in deep trouble, perhaps deeper than they realise. Eight years after the global financial crisis they are still pursuing emergency policies that are becoming steadily more unpopular and counter-productive. Unless they change course soon, they will find their independence increasingly under attack.