This article was last updated on April 16, 2022
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The shadow chancellor, Chris Leslie, has asked George Osborne to unveil what he knew about an undercover project by the Bank of England to assess the economic risks involved in case Britain leaves the European Union. Leslie wondered why the Bank is trying to keep the project undercover.
The existence of the Project Bookend was unintentionally uncovered when the bank’s head of press emailed details to the Guardian. Leslie stated that “there are a series of questions now that are really important,” elucidating that “is this an assessment and a set of conclusions that will be published? Will it be published in time for parliament and businesses and the public to properly consider it ahead of the referendum? What is the timetable for this Project Bookend and who is going to be involved? Is it going to actually consult with businesses and the public and the OBR [Office for Budget Responsibility] and the Treasury too?”
Leslie further added that “this is, for me, a really important question: were the chancellor and the Treasury in on the secret? If so, when did they know and did they advise the Bank of England to publish it and, if not, are they undertaking their own assessment and will that be published too?” Analysts claim that the bank officials are suspected to have kept the project confidential to avoid entering the highly charged debate around the EU referendum, which is on the top of the political agenda since the Conservatives won an outright majority in the election earlier this month.
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