Great engine for state
Bank of England, the eighteenth-century private institution that operated for benefit its shareholders became “ became a great engine for state” according to Adam Smith. Now life is getting uncomfortable in Threadneedle Street with rate rises, gloomy pronouncements about higher mortgage bills and news that bank of England is itself launching a review into how it constructs and deploys economic forecasts have all contributed to the new wave of intense criticism from pundits, politicians and citizens of the UK’s central bank and its actions. The Bank had come under fire for the first time in its 300-year history for its … Continue reading Great engine for state
