Peter Oborne has an interesting story in this morning's Mail; the Bank divested itself of all equities in its pension fund in 2006 in favour of worse-performing index-linked gilts. The only justification for doing so is that the Bank foresaw the 50% collapse on equity prices that the financial crisis has brought.
In November of last year on a visit to the LSE, the Queen asked "Why did nobody see this coming?"
The answer, Ma'am, seems to be that the Bank knew it was coming but didn't tell anyone. Perhaps a regular weekly visit to the Palace by the Governor of the Bank is needed. Perhaps the Governor's first visit for 57 years recently is the start of this. And perhaps the Bank could let the rest of us know, too.