Critics say the Bank of England put itself under suspicion by entering the referendum fray. Now Mark Carney says its warnings are being borne out by the post-referendum economic reaction. He misses the point. By having made those warnings himself, even if he sincerely believed them, he became like a politician trying to win, rather than a public servant trying honestly to manage either outcome.
The more loudly he tries to vindicate himself and attack the motives of his accusers, the more clearly this is proved. It would damage confidence if Mr Carney were to leave his job suddenly, particularly if the government pushed him; but surely he should quietly be booking a flight home to Canada by Christmas.
This is an extract from Charles Moore’s Notes. The full article is available in this week’s magazine, from Thursday.