Bank of England Boss Boldly Blasts “Scare Stories”

Savour this mea culpa from Bank of England chief economist Andy Haldane, when asked why experts had got the aftermath of a Leave vote so badly wrong:

“It’s true, and again fair cop…If you look at how the consumer performed during the course of the last year it’s almost as though the referendum had not taken place. In terms of the real things like pay and jobs not very much happened during the course of last year. It’s pretty much business as usual. The spending power in people’s pockets was not materially dented… Maybe some of the scarier stories politically will be seen to be just that – scare stories.”

Haldane calls “the crisis in economic forecasting” its “Michael Fish moment”. At least Michael Fish genuinely misread the data unlike the Bank of England which under Carney chose to join the Osborne’s Project Fear…


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Emmanuel Macron comes over all euro-sceptic…

“We ended the day on what we can call a failure. It’s a very bad image we are giving of the Council and Europe, no one can be satisfied with what happened over so many hours. Our credibility is profoundly tainted with these meetings that are too long and lead to nothing, we give an image of Europe that isn’t serious. We cannot hold talks with world leaders, in an ever more violent world, and be a club that meets at 28 without ever deciding anything.”

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