Andrew Bailey is the Governor of the Bank of England (Image: GETTY) The Bank of England , the cornerstone of Britain’s financial sector, is “not necessary” and should be abolished, a radical new report has argued. The Experience of Free Banking was published by the Institute for Economic Affairs (IEA) on the day the BoE announced its decision to freeze interest rates at 5.25 percent as part of a strategy to control price rises. The analysis outlines a monetary system where private banks issue competing banknotes, usually anchored to a commodity like gold or silver, replacing the central bank's role. Kevin Dowd, Professor of Finance…
