A quiet weekend for me – my usual taxi-driving services not required. My 17-year-old son took himself off round a series of Universities, ostensibly checking them out ahead of deciding where to study next year. I note the perfect correlation between institutions on his list and places where he already has friends or relatives studying. No mug he – a week of free accommodation leaving the entertainment kitty fully stocked. I say ostensibly, for he long ago was offered and accepted a place for next year.

Having had time for reflection then, I remain irked by comments from the Bank of England and its Governor. Reading through the statement in detail, I share the incredulity of former MPC member Andrew Sentance at the focus on downside risks to the economy and indeed the apparent failure of the committee to model for all but the most benign Brexit scenarios. As a result the market is assuming no rate hikes until 2019 IRRESPECTIVE of economics. Paraphrasing the Pythons: other than inflation above target, growth around trend, a near 20% fall in the exchange rate boosting exports and tax receipts, stock prices at record highs, booming trading partners, record low unemployment, and an embargo on foreign workers likely to jack up average earnings, what have Brexit and record low interest rates done for us? Oh that’s right: renewed concerns at consumer indebtedness and a return to record house prices. And the Bank, along with most central banks, now admits to being worried at the level of consumer debt. A strange response this! ‘We are worried consumers are borrowing too much money, perhaps raising rates a little might curb that trend, but goodness me that might lead to a reduction in consumption and some defaults’. Now, when did I last hear that? 2008 I think. And that ended well…

Do you buy an alcoholic a bottle of whisky today so that he can avoid a hangover tomorrow, in the knowledge he’s more likely to contract cirrhosis in a couple of years’ time?