BOE Policy Makers Never Pushed Brexit Project Fear, Fried Says
(Bloomberg) -- Go inside the global economy with Stephanie Flanders in her new podcast, Stephanomics. Subscribe via Pocket Cast or iTunes.
Bank of England policy makers didn't overstep their remit by publishing details of the potential economic damage caused by Britain's decision to leave the European Union, according to the head of the central bank's governing body, Bradley Fried.
In a response to questions from Parliament's Treasury Committee Wednesday, Fried defended officials, saying that the group that oversees the three-century old BOE had reviewed all of its communications and found no evidence that it had waded too far into politics.
“The bank was not pushing Project Fear then, it has never pushed Project Fear, it is not pushing Project Fear now. The politics of any individual policy maker is utterly and completely irrelevant. The decisions taken by the policy committees have never been whimsical, they've never been based on politics, they're based on rigorous analysis and careful consideration. They are not taken individually, they're taken by a committee of serious people who have to ensure the financial system would be resilient to whatever form of Brexit transpires.”
The BOE has faced intense criticism for their communications and forecasts around and since the 2016 referendum, as well as accusations of scaremongering, including from former governor Mervyn King.
To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Brian Swint
©2019 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
