STA Blog

As we mentioned last week, the Bank of England’s been avidly working on their social media profile, partly as a consequence, which they still won’t admit to, of their handling of the finances of the economy this century, which have been nothing less than disastrous.

https://www.bbc.co.uk/programmes/m0006h7n

This episode centres on the Monetary Policy Committee and its decision on interest rates. The process involves a small army of ‘9 of the world’s most eminent economists’ (their words, not mine), a communications team to deal with ‘media frenzy’, and ‘producing a narrative [where] we cannot get things wrong’ and ‘credibility is crucial.’

Journalists accredited to cover the decision first must get through the pink-coated security detail at the main entrance, lock their mobile devices in small boxes, which will be returned to them as they exit the premises. They are then led to a basement dungeon room, corralled, and have an hour to read through documents provided to flesh out their stories. Journalists call this a ‘lock-in’; a bit like an after-hours pub drinking session. Also in the basement is Victoria Cleland, Chief Cashier and AKA The Money Lady. Her domain contains £3.6 billion in new notes ready for release as and when needed – like Christmas.

One of the more in-depth interviews is with Ian McCafferty, one of 4 external members of the MPC who have offices in a separate corridor. Sitting at a green leather topped desk with wooden ‘In’ and ‘Out’ trays, he wields an extraordinary bunch of pencils (minute 17:53 of the video). Red and black, and at least 2 dozen wrapped in an elastic band; pity they are Staedtler rather than British-made, Royal Warrant holder, Winsor & Newton. Mark Carney also gestures with one of these in the beautiful Blue Parlour where the MPC meeting is held.

Hurry to watch this ASAP because the link will self-destruct automatically by the end of this month.

If you enjoyed that, here’s the link to episode 2: https://www.bbc.co.uk/programmes/m0006p1n