A peek inside The Old Lady of Threadneedle Street: Mini-series on BBC2 TV

As we mentioned last week, the Bank of England’s been avidly working on their social media profile, partly as a consequence, which they still won’t admit to, of their handling of the finances of the economy this century, which have been nothing less than disastrous.

https://www.bbc.co.uk/programmes/m0006h7n

This episode centres on the Monetary Policy Committee and its decision on interest rates. The process involves a small army of ‘9 of the world’s most eminent economists’ (their words, not mine), a communications team to deal with ‘media frenzy’, and ‘producing a narrative [where] we cannot get things wrong’ and ‘credibility is crucial.’

Journalists accredited to cover the decision first must get through the pink-coated security detail at the main entrance, lock their mobile devices in small boxes, which will be returned to them as they exit the premises. They are then led to a basement dungeon room, corralled, and have an hour to read through documents provided to flesh out their stories. Journalists call this a ‘lock-in’; a bit like an after-hours pub drinking session. Also in the basement is Victoria Cleland, Chief Cashier and AKA The Money Lady. Her domain contains £3.6 billion in new notes ready for release as and when needed – like Christmas.

One of the more in-depth interviews is with Ian McCafferty, one of 4 external members of the MPC who have offices in a separate corridor. Sitting at a green leather topped desk with wooden ‘In’ and ‘Out’ trays, he wields an extraordinary bunch of pencils (minute 17:53 of the video). Red and black, and at least 2 dozen wrapped in an elastic band; pity they are Staedtler rather than British-made, Royal Warrant holder, Winsor & Newton. Mark Carney also gestures with one of these in the beautiful Blue Parlour where the MPC meeting is held.

Hurry to watch this ASAP because the link will self-destruct automatically by the end of this month.

If you enjoyed that, here’s the link to episode 2: https://www.bbc.co.uk/programmes/m0006p1n

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The views and opinions expressed on the STA’s blog do not necessarily represent those of the Society of Technical Analysts (the “STA”), or of any officer, director or member of the STA.

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About Nicole Elliott

Nicole Elliott

A graduate of the London School of Economics and Political Science (BSc Social Psychology) Nicole Elliott has worked in banks in the City of London for the last 30 years. Whether in sales, trading or forecasting technical analysis has always been the bedrock of her thinking. Key expertise lies within all areas of treasury: foreign exchange, money markets, fixed income and commodities.

She has also added to the body of knowledge of the industry writing the first western book on Ichimoku Cloud Charts. Strong media links and a cult following are due to her prescient calls on the markets and often entertaining format.

Nicole can be contacted at trending@sta-uk.org

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