Bank of England Archives - Emile Woolf writes

Accountancy’s role in maintaining the cycle of deception

“If it ain’t broke, don’t fix it”, the old cliché tells us. But what if it  really is broke? You can alleviate the symptoms but you can’t cure the disease while the root-cause remains. On the economic front, cries for stimulus and growth will remain forlorn while the dearth of credit persists, and monetary systems […]

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Sovereign bailouts versus economic law: who will win?

The Queen’s question about the credit crisis was wonderfully simple: “If these things were so big, why did no one see them coming?” The answer given by Mervyn King, governor of the Bank of England, in his recent interview is that many people did see the crisis coming, but no one knew when. The same […]

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Reflating the banking bubble while the real economy lags

How sustainable is the alleged economic recovery? A brighter outlook certainly appears to be in evidence in parts of the City. Construction work on glitzy office buildings has resumed. A stroll through the Royal Exchange takes you past packed wine bars, expensive restaurants and boutiques displaying the most opulent array of branded merchandise – jewellery, […]

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Borrowers must face the reality of their choices

Since gaining its independence from the Treasury 10 years ago the Bank of England’s pledge to control inflation as its overriding priority has, until now, been visibly honoured and we have all benefited. Unlike the Treasury, however, the Bank’s sole weapon in fulfilling its mission is its autonomy over setting interest rates, and the present […]

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