And then there was one.
The Treasury’s report on how it (mis)handled the crisis means that, of the three tripartite authorities, only the Bank of England has yet to conduct an internal review on its performance during the turmoil.
Unsurprisingly, the governor insists such a review is unnecessary. And if Sir Mervyn King is as “amazingly stubborn” as his former opposite number in Treasury has claimed, then he’s unlikely to budge. Plus the Bank’s habit of destroying the evidence is likely to make any review rather incomplete.
The Treasury review does, however, offer some nice tidbits into where it thinks the Bank got it wrong, as well as the fraught relationship between Whitehall and Threadneedle Street.
Tellingly, the report sees Treasury’s ability to challenge the advice doled out by the new, all-powerful, Bank as vital. Hardly a signal of trust. Read more