If the experience of the eurozone is any guide (and it should be), the Treasury and the Bank of England would be looking for similar constraints on Holyrood's budget powers as the German government wants from its smaller eurozone partners.

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If house prices in general are moving in line with the price of a typical house, this approach gives a good guide to changes in housing wealth, which is what matters for the Bank of England as it assesses the economy.

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The argument for waiting is that, by next month, the Bank's policymakers will have a new set of economic forecasts to guide their decision - and perhaps a better sense of where the crisis in the Eurozone is heading.

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The CBI said Mr Carney's "strong track record as the Canadian central bank governor and extensive experience in international financial regulation mean that he is well positioned to guide Britain through challenging economic times".

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Tomorrow we'll find out the Bank's new forecasts for growth and inflation, which the members of the MPC also had to guide their decision last week.

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