Populism always sounds good, but in the long-run it usually hurts those it is supposed to help.
In the UK, interest rates used regularly to be cut to stimulate an artificial boom before an election. This was good for the ruling political party, but the country paid a heavy price later. In the nineties, the Liberal Democrats championed the idea of making the Bank of England independent, and, in 1997, Labour implemented the policy.
As a result, inflation has been controlled, and business and international investors have more confidence in the UK. It’s no panacea. It didn’t stop serious mistakes being made over bank regulation. But, I think, it’s proved a real success.
In 1997, the Labour party proposed a National Minimum Wage. Many were deeply concerned that, by not allowing the existence of low paid jobs, this policy would price some low skilled workers out of the job market.