The Times reports:
"The Bank of England's Deputy Governor for Financial Stability has admitted that the central lender failed to grasp the full scale of Britain’s economic problems before the current financial crisis erupted.
In an edition of Panorama, to be screened tonight, Sir John Gieve tells the BBC that the Bank was aware that a bubble was developing in the housing market, as well as in the price of other assets, and that it was being fuelled by “crazy borrowing”.
However, it failed to comprehend how serious the problem really was and what the implications would be for the rest of the economy."
How slow witted and out of touch are those on the MPC of the Bank of England?