Gordon Brown has tipped his hat as far as he can in the direction of reforming the Monetary Policy Committee without admitting anything is wrong. That might be just enough to avoid a war of words with the Treasury Select Committee and to avoid being seen to snub the modest request of Mervyn King, the Governor, for something like Civil Service efficiency in choosing new outside MPC members.

The way that seemingly random economists are picked secretly and imperially by the Chancellor has been panned universally in an otherwise approving, even generous review of the way UK monetary policy works. That makes Mr Brown’s response look mean-spirited.

Perhaps the next Prime Minister wants to give his new Chancellor a potentially rare opportunity to “be his own man” by extending reform from mere gesture to a more open appointment system that might actually improve the overall quality of MPC members and policy decisions. That includes not just better procedures but probably longer, single, fixed terms too.

Creating our system of monetary policy has earned Mr Brown any number of ostrich feathers to put in his hat. That does not mean it cannot usefully be improved.

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