Adam Posen’s attack on the management and culture of the Bank of England may be the strongest yet, but it is by no means the first – and won’t be the last – criticism of a persistent and dismaying lack of robust governance at the UK central bank.
What is astonishing is that despite countless warnings – three independent reviews, several newspaper editorials and sundry MPs’ warnings – the central charge that the governor is over-mighty and under-governed still stands. Read more
Something has gone badly wrong with the management and culture of the bureaucracies that stand between us and economic and financial apocalypse.
In February, the International Monetary Fund flayed itself for institutional and intellectual failings that led it to ignore the scale and interconnectedness of global financial risks. Now Kitty Ussher, a former minister in the UK Treasury, and Imogen Walford have interviewed ex-civil servants, advisers, ministers and Treasury insiders and produced a report for Demos, the British think-tank, about deficiencies in Britain’s most powerful government department. Read more