Imagine for a moment if a large and successful multi-national was going bankrupt due to Senior Management and faceless stake holders encouraging it’s workers ditch it’s largest paying customers and foster an anti-social work culture.
Imagine if this company suddenly fired all it’s lowest paid workers doing the worst jobs and expected others to step into their places.
Imaging if the CEO’s and investors were systematically asset stripping the company at the same time.
Imagine if many members of the board were corrupt and actually working for a shadowy rival company.
I recon if I was in charge of this companies finances I’d keep very quiet about what was going on too.
Bank of America isn’t the Fed, for clarification. They’re not comparable institutions.
So, as someone who works in financial services and reads things like BoA’s UK Economic Viewpoint (the note mentioned in the article), it’s amazing how the media will try to create something out what is essentially nothing.
This latest note contains a single sentence about the BoE’s supposed reluctance to talk about ‘Brexit harm’, in a paper that is 6 pages long this is little more than a footnote and not something they dwell upon at all. More to the point, it is raised as a *minor* point in a paragraph on politicisation that spends 90% of space discussing the Banks reaction function or lack thereof.
They aren’t talking about a) serious harm or b) broad harm to the economy. They are merely highlighting that the BoE doesn’t often raise the topic of Brexit in regards to *labour supply* specifically. Fair enough, they don’t spend much time on this, but that’s partly because it’s not well understood how much of the fall in labour supply is due to Brexit, most appears to be pandemic scarring. Furthermore, we have plenty of examples of other economies which did not ‘Brexit’ and yet have labour markets as tight, indeed even tighter, than that of the UK (for example the United States or the Netherlands).
Lastly, if the BoE was incessantly harping on about how Brexit was a major factor harming the economy, specifically re: labour supply: this would itself be construed as politicisation.
Dammed if you do, dammed if you don’t.
Independent but not really…
What? The bankers who wanted free of EU control don’t want to talk about the damage they’ve caused? I wonder why that is?
Edit:Getting downvoted and replied to by people that don’t understand the difference between “bankers” and “The Bank of England.”
Individual bankers position on Brexit is easy to find with a few searches too. Plenty in the City wanted Brexit.
Bank of England just don’t know how bad it’s going to be
If we don’t talk about it then it doesn’t exist. It works for Brexit, COVID, climate change, party gate etc
Ask anyone of the millions of British suffering in their homes.
They might be able to suggest the cause of harm.
Is this The Bank of America or *The* Bank of America?
To avoid any confusion the US equivalent of the Bank of England is the Federal Reserve. Bank of America is equivalent to Lloyds or any other retail/investment bank, except it has a very small footprint in the UK. BoE is independent of the government, but as a public body they can’t be political and are in no position to be critical of the democratic decision to leave the EU. This would be the same even if we had a Lib Dem government that was pro-EU. They’re not subordinate to the government, but they are limited by neutrality requirements.
Of course. Don’t you think the Tory mob has been explicitly conditioned not to mention the failure of Brexit.
And that just stirs the flames with the leavers, who refuse to see any harm has been done. Because we all know the “green and pleasant lands” are returning… It just might take a few (decades) years.
Well us Brits are raised to say
If you don’t have anything nice to say don’t say anything at all
Seems like BoE is doing exactly what their nans told them to do.
Bank of America is not the Federal Reserve. Think of BoA as the equivalent of a Uk bank that charges you fees for everything and fees for nothing, rips you off at every opportunity, has the shitty customer service, but are everywhere.
13 comments
Fair enough.
Imagine for a moment if a large and successful multi-national was going bankrupt due to Senior Management and faceless stake holders encouraging it’s workers ditch it’s largest paying customers and foster an anti-social work culture.
Imagine if this company suddenly fired all it’s lowest paid workers doing the worst jobs and expected others to step into their places.
Imaging if the CEO’s and investors were systematically asset stripping the company at the same time.
Imagine if many members of the board were corrupt and actually working for a shadowy rival company.
I recon if I was in charge of this companies finances I’d keep very quiet about what was going on too.
Bank of America isn’t the Fed, for clarification. They’re not comparable institutions.
So, as someone who works in financial services and reads things like BoA’s UK Economic Viewpoint (the note mentioned in the article), it’s amazing how the media will try to create something out what is essentially nothing.
This latest note contains a single sentence about the BoE’s supposed reluctance to talk about ‘Brexit harm’, in a paper that is 6 pages long this is little more than a footnote and not something they dwell upon at all. More to the point, it is raised as a *minor* point in a paragraph on politicisation that spends 90% of space discussing the Banks reaction function or lack thereof.
They aren’t talking about a) serious harm or b) broad harm to the economy. They are merely highlighting that the BoE doesn’t often raise the topic of Brexit in regards to *labour supply* specifically. Fair enough, they don’t spend much time on this, but that’s partly because it’s not well understood how much of the fall in labour supply is due to Brexit, most appears to be pandemic scarring. Furthermore, we have plenty of examples of other economies which did not ‘Brexit’ and yet have labour markets as tight, indeed even tighter, than that of the UK (for example the United States or the Netherlands).
Lastly, if the BoE was incessantly harping on about how Brexit was a major factor harming the economy, specifically re: labour supply: this would itself be construed as politicisation.
Dammed if you do, dammed if you don’t.
Independent but not really…
What? The bankers who wanted free of EU control don’t want to talk about the damage they’ve caused? I wonder why that is?
Edit:Getting downvoted and replied to by people that don’t understand the difference between “bankers” and “The Bank of England.”
[educate yourselves](https://www.managementtoday.co.uk/city-gave-birth-brexit/long-reads/article/1649027)
Individual bankers position on Brexit is easy to find with a few searches too. Plenty in the City wanted Brexit.
Bank of England just don’t know how bad it’s going to be
If we don’t talk about it then it doesn’t exist. It works for Brexit, COVID, climate change, party gate etc
Ask anyone of the millions of British suffering in their homes.
They might be able to suggest the cause of harm.
Is this The Bank of America or *The* Bank of America?
To avoid any confusion the US equivalent of the Bank of England is the Federal Reserve. Bank of America is equivalent to Lloyds or any other retail/investment bank, except it has a very small footprint in the UK. BoE is independent of the government, but as a public body they can’t be political and are in no position to be critical of the democratic decision to leave the EU. This would be the same even if we had a Lib Dem government that was pro-EU. They’re not subordinate to the government, but they are limited by neutrality requirements.
Of course. Don’t you think the Tory mob has been explicitly conditioned not to mention the failure of Brexit.
And that just stirs the flames with the leavers, who refuse to see any harm has been done. Because we all know the “green and pleasant lands” are returning… It just might take a few (decades) years.
Well us Brits are raised to say
If you don’t have anything nice to say don’t say anything at all
Seems like BoE is doing exactly what their nans told them to do.
Bank of America is not the Federal Reserve. Think of BoA as the equivalent of a Uk bank that charges you fees for everything and fees for nothing, rips you off at every opportunity, has the shitty customer service, but are everywhere.