As Rome burns, Bank of England plays with ‘inclusive’ rebranding
It’s not just that prices have risen rapidly, it’s that they’ve risen much faster than the Bank expected.
In addition to misreading the economy and being shockingly complacent about inflation, Bailey has also been on the wrong track in financial markets twice in the space of a month.
What does the militarization of the Western system against the Russian economy mean for the rest of the world?
Will energy bills soar to even more obscene levels? What about gasoline prices? Will there also be a food crisis?
JP Morgan is warning that Russia could be heading for an economic ‘collapse’ comparable to the fallout from the country’s bankruptcy in 1998. That’s what the good minds at the Bank of England should think about, especially given its recent review, not image management.
Bailey denies that the old lady of Threadneedle ‘woke up, whatever that word really means’. Yet he felt compelled to embrace the Black Lives Matter movement by removing 17 paintings and busts of seven former governors and directors with known ties to the slave trade, and hiring a slavery expert for his museum.
He also scored a spectacular own goal with a decision to score an internal diversity review with the appointment of an Oxford-educated white chief economist. The move was all the more notable as the Bank awarded a £43,000 contract to a diversity headhunter to help fill the role.
Yet, does anyone know how to respond to a report that calls for the need to “identify, highlight and address microaggressions”?
The growing impression is of an organization that has disappeared down a rabbit hole of confused priorities where it is far too focused on communicating the right kind of image to a public profile-obsessed corporate elite, rather than on issues that matter to ordinary people.
Perhaps the strangest aspect of the Bank’s rebranding exercise is that the new logo depicting the same warrior Britannia that has been the symbol of the Bank since its founding in 1694 looks remarkably like the old one.