Petition Abolish the monetary policy committee

Abolish the Bank of England's Monetary Policy Committee and replace it with nothing. Central planning has been proven to be a failure. A group of unaccountable 'experts' have no better idea about what coffee should be priced at than what the cost of borrowing should be. As with all other goods and services leave the cost of borrowing to the free market. This will bring about the natural price of credit, encourage banks to get people saving with supply and demand creating the incentive, and should speed up and slow down the economy using the price feedback of the real supply of capital.