The Bank of England has engaged consultants McKinsey and Deloitte to conduct a review of the way the Old Lady of Threadneedle Street operates and create a strategic plan for the future. This is a valuable opportunity to step back and think about major structural reform, rather than tinkering at the edges. With that in mind, this article sets out a radical vision for how the central bank’s economics units could be restructured so that they are best placed to meet the challenges ahead.

To be clear