Loading...

A Bank Of England Official Was Forced To Apologise After Calling The UK Economy 'menopausal'

Loading...

LONDON — Bank of England deputy governor Ben Broadbent has been forced to apologise after describing the UK economy as "menopausal."

The deputy governor, who sits on the committee that sets UK interest rates, told the Telegraph in an interview that financial experts used the "menopausal" metaphor for economies that were "past their peak and no longer so potent."

Loading...

Ben Broadbent said Britain's current low productivity growth resembled the end of the 19th century when the age of steam had passed its peak but the new era of electricity was yet to begin.

British productivity "slowed pretty much to a halt" around the end of the 19th century after peaking, as it entered a "climacteric" period, Broadbent said. The word "climacteric" is a term borrowed from biology meaning "you've passed your productive peak," he said.

Advertisement

"It has the same Latin roots as 'climax' and means 'menopausal' but it applies to both genders," Broadbent said.

The country could be going through a similar period now as Internet-driven growth slows and new revolutionary technologies like Artificial Intelligence are yet take off, Broadbent said.

His choice of words drew criticism from many readers on Twitter. ITV's political editor tweeted: "Sloppy, empirically unsound and potentially offensive use of language by Bank of England deputy governor."

The Bank of England issued a follow-up statement from Broadbent on Wednesday morning in response. It read:

"I'm sorry for my poor choice of language in an interview with the Telegraph yesterday and regret the offence caused. I was explaining the meaning of the word "climacteric", a term used by economic historians to describe a period of low productivity growth during the nineteenth century. Economic productivity is something which affects every one of us, of all ages and genders."

Advertisement


Trending Hairstyles

Source : http://www.businessinsider.com/bank-of-england-ben-broadbent-apologises-uk-economy-menopausal-2018-5

A Bank of England official was forced to apologise after calling the UK economy 'menopausal'
Government borrowing threatens the UK economy and leaves it open to a 'Venezuela-style' crash, Bank of England official warns
Boris Johnson rejects Bank of England's claim Brexit has already damaged UK economy - Politics live
Plight of savers could get even worse as Bank of England considers NEGATIVE interest rates
The CBI just made a major intervention to keep Britain in a customs union after Brexit
The Fake Sheikh's most famous stings
NATWEST BK'B'NCP : Daily Mail, London, Tony Hetherington column
A triple blow to squeezed middle: As Bank chief warns of worst-ever crisis, he pumps £75bn into economy