News Column

The Bank of England knows

August 6, 2014


The Bank of England knows as well as the next mouthpiece how using cultural references to explain complex situations can be really helpful. Mark Carney has taken to it like a duck to water with his barrage of sporting references, and now it's chief economist Andy Haldane's turn. A report he published yesterday in the Central Banking Journal is titled, "Halfway up the stairs" - more than a passing nod to Winnie the Pooh creator A.A.Milne's poem of the same name. "Halfway up the stairs, Isn't up, And it isn't down. It isn't in the nursery, It isn't in the town," goes the first stanza and paragraph of the report - a description of central banks today, says Haldane. Indeed. We also like his previous description of SME lending as "The Ugly Duckling". Can we suggest The Very Hungry Caterpillar next as metaphor for the economy?

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Source: City A.M. (UK)

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