Oops: Email fail reveals Bank of England researching consequences of exiting EU

Oops: Email fail reveals Bank of England researching consequences of exiting EU
The Bank of England. (Image: Daniel Jones via UK Telegraph)

Bank of England officials are secretly researching the financial shocks that could hit Britain if there is a vote to leave the European Union in the forthcoming referendum.

The Bank blew its cover on Friday when it accidentally emailed details of the project – including how the bank intended to fend off any inquiries about its work – direct to the Guardian.

According to the confidential email, the press and most staff in Threadneedle Street must be kept in the dark about the work underway, which has been dubbed Project Bookend.

It spells out that if anyone asks about the project, the taskforce must say the investigation has nothing to do with the referendum, saying only that staff are involved in examining “a broad range of European economic issues” that concern the Bank. …

The report could prove incendiary, but without a public notice advertising the Bank’s research project, parliament and the public would be unable to demand its publication.

The email indicates that a small group of senior staff are to examine the effect of a Brexit [i.e., a British exit from the EU] under the authority of Sir Jon Cunliffe, who as deputy director for financial stability has responsibility for monitoring the risk of another market crash.

Continue reading →

 


Commenting Policy

We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse.

You may use HTML in your comments. Feel free to review the full list of allowed HTML here.