Whether it likes it or not, Bank of England is in the thick of Brexit debate

The Bank would love to issue technocratic, uncontroversial reports, but whatever it says will be seized upon by either side

The Bank of England cherishes its independence. There is nothing that Threadneedle Street would like more than to retain an Olympian detachment when it comes to the Brexit debate, issuing technocratic reports that are treated as uncontroversial by both sides.

That, of course, is impossible. The Bank has a mandate to safeguard the financial security of the UK and would be failing in its legal duty if it did not point out that there are short-term implications of a vote to leave on 23 June.