20 May 2016 at 2:52 GMT
Bank of England chief economist Andy Haldane just said something we’ve all thought for a very long time. The trouble is, people possibly weren’t listening. Communications from the UK central bank are too complex and inaccessible to the man on the street, Haldane said in a — ahem — 9,000-word speech in London on Wednesday. In addition, only around one quarter of the general public believes the BoE explains its actions and decisions in terms they can understand, he said, citing bank data, with the linguistic complexity of its speeches and publications outstripping that of even commercial banks’ annual reports. "Having assessed my own speeches, including this one, the conclusion is much the same," Haldane said. "They, too, are likely to be impenetrable to most." Haldane’s mea culpa is the most self-conscious step to date by the central bank to restore public trust after the financial crisis. It follows a forum late last year and a conference examining the role of markets in society.
Read full article at Bloomberg