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  Peter - Brown set the BoE brief that ignored the levels of debt in the economy so he certainly was responsible. With the right brief the BoE would have taken into account the credit/housing boom in the rate setting and that would certainly have meant higher rates sooner.
  
  By the way, yes Brown was praised for giving the BoE that role but some commentators did spot his failing in the brief at the time. But now it seems that Ministers were not as far out of the rate setting process as was first thought.

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