Bank of England chief economist admits economics is an "instant turn-off"

 
Oliver Gill
Follow Oliver
Andy Haldane was speaking at Nishkam High School in Birmingham

The Bank of England is determined to rid Britain of a "twin deficit" of understanding and trust in economics, chief economist Andy Haldane said today.

Britain's central bank said it was stepping up to help educate the country.

Haldane said a better understanding of economics "would probably help many people when making everyday decisions, big and small”.

But speaking at Nishkam High School in Birmingham, Haldane conceded economics was for most people "an instant turn-off".

Read more: Economists nervous as consumer spending continues to fuel UK GDP growth

"If economics or economic policy is elitist and inaccessible to most people, it is not doing its job. That is because the economy and economic policy affects most people’s lives, every day of their lives."

Haldane said fewer than one in 10 people know that the interest rate in the UK is set by the Bank of England's Monetary Policy Committee. Only around a quarter of people understand “quantitative easing”.

He added:

My own experience is that the Bank [of England] is believed by many to be either an arm of government or a high-street bank.

Read more: Bank of England chief economist: Withdraw stimulus "later in the year"

Related articles