Timing is not always the Bank of England’s strong suit. Britain’s central bank has increasingly faced accusations of being found wanting in recent years. Under Governor Andrew Bailey, the Old Lady of Threadneedle Street has managed to infuriate the crypto bros, failed to spot the Liability-Driven Investments crisis and consistently botched inflation calls too. Both of Bailey’s predecessors managed to stay within a percentage point of the target on average during their terms. The present Governor is currently averaging 4.5 per cent – more than double his target…
Still, economics is the dismal science: one where any judgement call is hard to get right. Much easier are basic facts – such as the reason why, on 11 November, we hold a two-minutes’ silence to remember the fallen dead. As any schoolboy knows, the silence coincides with the time in 1918 at which the First World War came to an end with the cessation of hostilities. But apparently some at the Bank of England are yet to get the memo, a century after the tradition began. For Steerpike understands that this morning in the Bank’s Moorgate office, it was announced at 10:45 on the tannoy system that the office would shortly be observing a two minutes’ silence for ‘VJ day which commemorates the end of the Second World War.’ Shurely shome mistake?
Mr S asked the Bank’s press office for any comment but, alas, none was forthcoming. Maybe next year this is one big call the Bank can get right eh?
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