Mervyn writes.
The Chancellor writes back.
How nice. what have we learnt? Zilcho, but perhaps any sense of impending panic has been managed by knowing that there is a process in place.
It seems rather quaint that the economy is treated like an errant child who behaves beyong the bounds of acceptability and must be reported to its parent. This gives the parent some feeling of responsibility and power over the child, as no doubt the Chancellor like to think he has, and would probably like to actually have, over the economy.
But of course the Chancellor will not have to report to anyone; Parliament is a poor arbiter of economic management, especially fiscal policy. Moreover, as with hoodies, part of the problem lies with the parents themselves, but Mervyn King can hardly castigate his employer for decidedly dodgy policy, can he?
