The Treasury, Trade and the City
Poor Track Record on Forecasting, mars Treasury and Bank of England Credibility. John Redwood explains where the authorities are getting things wrong.
As the EU referendum debate focuses on the economy, the spotlight has switched to Her Majesty’s Treasury and its strident backing of ‘Remain’. This intervention, says The Rt Hon John Redwood MP, in Politeia’s new publication for its Referendum Series, explains that not only is the intervention unwise, but it is misleading, particularly on the specifics of trade and the city.
First the foray into forecasting by both Treasury and Bank of England raises questions about their track record in forecasting. In three of the most recent significant developments, both have failed to get things right, explains Mr Redwood:
Politeia's Referendum Series: Forthcoming events and publications
Thursday 9th of June, 7-8pm, Army and Navy Club, SW1Y 5JN.
Rt Hon Mark Francois MP, Jacob Rees-Mogg MP, and Rt Hon Dr Liam Fox MP discuss Britain’s policy for defence, trade and its system of government in the context of the EU referendum.
Tuesday 5th July, 7 - 8p.m, Army and Navy Club, 36 Pall Mall, SW1Y 5JN
The Rt Hon Sir Alan Moses, The Rt Hon Sir Edward Garnier QC MP,and Martin Howe QC to respond.
Banking on Recovery
Towards an accountable, stable financial sector
By Lord McFall, Dr Syed Kamall, Dr Gerard Lyons, Professors Richard Roberts, Forrest Capie, Geoffrey Wood, Kent Matthews, David B. Smith, Melanie Powell, Dr Eugene Michaels and Dr Sheila Lawlor.
Read Stephen Hammond MP's response to the publication.
Publication: Thursday 21st of April 2016
The financial crisis of 2007/8 and its causes still loom large in the debate about Britain’s economy and its recovery. While politicians and economists agree on some of the main contributing factors and the broad principles needed to guide future policy, there is less certainty about next steps. How should the law be shaped? Are the UK government and its European counterparts on the right tracks?
In this volume, some of Britain’s leading UK economists and politicians in the field, reassess the crisis, the regulatory response and the wider implications. They contrast the turbulence of recent decades with the stability of the preceding century; they discuss the different factors leading to the crisis, including some hitherto largely ignored; and they show where the official response has been and continues to be flawed, badly timed and damaging.