Bank of England doing as it’s told

Mark Carney, the Bank of England Governor, is to make “a potentially seismic intervention into the debate on the UK’s place in the European Union.”

It will be hardly “seismic”!  Most people will take no notice at all. The Referendum is still far too far away yet (sometime before end 2017) for anywhere near the majority to have made up their minds (even though they may say they have to pollsters). Nearer the event, the fact that half-a-dozen forceful government ministers have already said that they want to speak out against remaining in the EU — and strongly against the prime minister no doubt — means that at least these will be well represented. People aren’t interested in dry-as-dust bureaucrats such as Mark Carney or Treasury officials — either that or they’ll be guided by other EU-related events going on at the time.

It all goes to show really that the Bank of England is not an independent institution.  It hasn’t been since the start of the Second World War nor has been within a whisker of it since.

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