One of the greatest strengths of the Bank of England's regime since independence has been its narrowness of mission. The Bank is there to deliver price stability over the medium-term, subject to due concern for short-term output volatility and financial instability, full-stop. It no longer is concerned with financial supervision writ broadly, and it is not an ongoing contributor to public debates outside its monetary policy remit.

With focus comes clarity. Both internally and externally, the