Unelected. Technocratic. Exercising a great deal of power over people’s lives, without much in the way of accountability. Staffed by well-meaning, over-educated experts, big on theories and short on experience, and run by a smooth globe-trotting boss who is immaculately plugged into the Davos set. It is not hard to see why the Bank of England, especially under its Canadian Governor Mark Carney, is instinctively pro-EU. It looks across to Brussels and sees an institution very like itself.
So it is no great surprise to see the Bank making subtle, and not so subtle, warnings, about the risks of the upcoming referendum. It was at it again today. Its decision to leave interest rates on hold was no great surprise – after seven years at 0.5 per cent, no one is exactly holding their breath on that one anymore.
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