Mark Carney brought sporting metaphors back to the Bank of England’s quarterly press conference today, likening the UK’s recent economic progress with England qualifying for the World Cup. It was good news, he said, but the real tournament had yet to begin.
The more worldly members of the press corps then jumped to compare the Bank’s benign forecasts for the economy with the deluded hopes of England’s football fans as they prepare to head off to Brazil. We always think this time will be different, they suggested. And we are almost always wrong.