Perhaps it should be remembered that Bean got his post referendum / impact of Brexit predictions disastrously wrong
Most people got this wrong
As someone with academic background in economics (one time lecturer) I appreciate that it is more of an art than a science, and that reality has finally dawned on the BofE:
We are unlikely to spot next financial crisis, Bank of England official says
https://www.theguardian.com/business/20 ... of-englandAnyone under 40 has never known anything other than cheap money and borrow/spend in ways that would have been unthinkable 20 years ago. This has created an asset bubble in equities and property and kept the High Street/Motor industry afloat
You cannot spend your way out of debt anymore than you can drink yourself sober