All of the institutions in which the British public formerly reposed trust – the pillars that supported our society – have been discredited. One after another they have gone down like ninepins, laid low by the exposure of their charlatanry before a disillusioned public. The latest busted flush is the Bank of England.
The Bank’s transparently politically motivated attempt last week to resurrect Project Fear with its caricature forecasts for the consequences of a clean Brexit – 9.7 per cent decline in GDP, house prices crashing and interest rates rising (a surprising claim, since Mark Carney had been saying they would fall, only days before) – provoked not panic but derision. That is what we have come to: the Old Lady of Threadneedle Street has become a risible pantomime dame.