Recession is reality, not fiction
AGENTS for the Bank of England slunk into town the other day.
AGENTS for the Bank of England slunk into town the other day.At their request there was a media blackout for the event during which they probed the mindset of up to 60 business leaders from around Peterborough.
It is difficult to see why the press ban was imposed. After all, the event hardly ranks with Prince Harry going off to war.
So did Messrs Andrew Hauser, the mind-numbingly titled head of inflation report and bulletin division, and Chris Bailey, who is simply the agent for East Anglia and the south east of England, have something to hide?
Judging by the release issued by their hosts, Opportunity Peterborough, after the pair had long departed the city, it appears not.
Put simply, their message seems to have been: "we know it's getting tough for businesses, but all will be well soon".
It is not earth shattering stuff and it certainly would not trouble the American internet hack Matt Drudge, who is putting together a powerful reputation for spilling the secrets of the great and good.
Yet a little probing here and there reveals a possible reason for the secrecy.
The Bank, it appears, is rubbishing the notion a recession maybe looming. Apparently it is blaming the media for talking the country into a recession.
So there you have it. The nationalisation of Northern Rock, falling house prices, rising inflation, growth of prices of goods leaving the factory gates, massive sub-prime write-offs by some of the big banks – it's all the media's fault so we don't have to talk seriously about it.
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Weather for Peterborough
Friday 19 March 2010
Today
Sunny spells
Temperature: 10 C - 13 C
Wind Speed: 16 Knots
Wind direction: South west
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