Business Daily meets: Bank of England economists
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 6 June 2022
⏱️ 19 minutes
🧾️ Download transcript
Summary
As part of the Business Daily Meets strand we speak to Rupal Patel and Jack Meaning, senior economists at the Bank of England. They have written a book to help people of all ages get a better understanding of the economy. They answer questions like ‘Why am I richer than my great-great-grandma?’ and ‘What actually is money?’. Sam Fenwick talks to them about what The Simpsons can teach us about getting a pay rise, and why you might want to think twice when filling your bag with gobstoppers at the sweet shop. Presenter: Sam Fenwick Producer: Hannah Bewley
Image: Rupal Patel and Jack Meaning; Credit: Penguin Random House
Transcript
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| 0:00.0 | Anyone that tells people who are accused of sorcery are also blamed for being sorceress. |
| 0:05.8 | Lives less ordinary from the BBC World Service. Real people with extraordinary stories. |
| 0:12.0 | I started having a strength in me. I have to stand up for other women. |
| 0:16.9 | Find out more at the end of this podcast. |
| 0:20.0 | The Bank of England is historically a place which doesn't let outsiders in without very heavy security being involved. |
| 0:28.5 | But two economists have written a book full of economic nuggets of gold, giving readers an insight into what is usually discussed behind closed doors. |
| 0:39.4 | As part of Business Daily Meats on the programme today, we're speaking to Rupor Patel and Jack Meaning and we'll hear how the |
| 0:45.1 | decisions that you make in a suite shop could have huge economic implications. Say you only have a |
| 0:52.6 | budget of a pound. You might want to optimise which sweets you want if, budget of a pound. |
| 0:56.9 | You might want to optimise which sweets you want. If, say, a gobb stopper is 50p, you might not want to buy two. |
| 1:01.8 | You might only want to buy one and then use perhaps the rest of that 50p to buy a few more cold bottles which are cheaper, |
| 1:08.6 | or some chocolate frogs. |
| 1:10.4 | And is Homer Simpson a hero we should follow when asking for a pay rise? |
| 1:16.1 | Well, it turns out the popular TV character doesn't always get it right. |
| 1:20.5 | Homer Simpson demands a pay rise at the nuclear power station |
| 1:23.6 | and gets all of his mates to kind of have that same kind of discussion. The kind of nuclear |
| 1:29.6 | power station owner, Mr. Burns says no, and they all go on strike. What happens is Mr. Burns comes in |
| 1:35.6 | and replaces them all with robots who turn out to be killer robot. We'll talk to them about how |
| 1:39.9 | inflation is ratcheting up around the world and why, and we'll also grill them on some very |
| 1:45.7 | important questions. I feel like I have to ask you what your favourite sweets are before we move on. |
| 1:50.7 | What do you like? Go on. The two authors and economists we're meeting today work for the |
| 1:57.8 | Bank of England. It's the central bank for the whole of the UK. |
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