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Why is the Bank of England MPC going so public?

Prior to the credit crunch and economic downturn we had very little in the way of comment of a public nature from members of the Bank of England MPC. However, over the last few weeks there have been very few days without very public and often very worrying comments from members of the MPC. So why are members of the MPC now going so public?

For some time the MPC has been something of a secretive organisation which many people were unaware of. They have a meeting, they make their announcement and then minutes are issued further down the line. There is very little in the way of public acknowledgement of policies, strategies and trends although just lately the MPC members seem more determined to use the financial press more and more to get their points across.

Despite no official comment many analysts and economists have taken it for granted that quantitative easing will be reintroduced in the short to medium term and we can expect to hear news of further fiscal support programs. Indeed even the Bank of England appears resigned to the fact that UK economic growth will slow markedly towards the end of 2010 and 2011 could be a very difficult year.

If the Bank of England, which is in receipt of more detailed economic information than anybody else, is concerned then we do need to take a long hard look at the UK economy.

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