The Bank of England has published the full transcript of an interview given by Governor Andrew Bailey to a group of regional journalists, in a move that reflects the central bank's increasing commitment to transparency and public engagement.
The interview, which was conducted under the Chatham House Rule and was not originally intended for publication, covers a wide range of topics, including the outlook for interest rates, the Bank's assessment of the labour market, and the Governor's views on the relationship between monetary policy and fiscal policy.
The publication of the transcript is part of a broader effort by the Bank to make its thinking more accessible to the public. The Bank has been criticised in the past for communicating in language that is impenetrable to anyone without a background in economics, and the Governor has made clear that he regards clearer communication as a priority.
The transcript reveals a Governor who is more candid and less guarded than in his formal public appearances. He acknowledges the difficulty of forecasting in the current environment, the limits of the Bank's models, and the uncertainty that surrounds every monetary policy decision. "We are making judgments under conditions of profound uncertainty," he says at one point. "Anyone who tells you they know exactly what will happen is either lying or deluded."
The Bank said it would publish similar transcripts in the future as part of its commitment to transparency and public accountability.
Join in — free. Comments on Daily Junction are for members, so real names stay rare and bots stay out.
One field. We email you a 6-digit code — no password needed. Your comment is kept while you do it.
Under 13? You’ll need a parent’s OK first — it takes them one click.