How would monetary policy have differed if the BOE was not independent?

Not by very much on the rates side. But there would have been less QE.

Last week, in a conversation with some fixed income investors, I asked a heretical question: what has Bank of England independence achieved? I, aware of my heresy, phrased it slightly differently: how would monetary policy since the financial crisis have differed if it had been managed by HM Treasury rather than Monetary Policy Committee?

The question is…