The cartoon shows the Prime Minister of the day, William Pitt the Younger. He appears to be wooing an old lady – who represents the Bank of England. But his true intention is to get his hands on the Bank of England’s gold reserves: the gold coins in her pocket and the money-chest on which she is firmly seated. https://www.bankofengland.co.uk/knowledgebank/who-is-the-old-lady-of-threadneedle-street
A clear representation of the Bank’s strict and puritanical reputation!
Recent research however suggests a more recent relaxation of standards. UK monetary policy seems to have caused an increase in the number of babies being born.
Children are expensive and swings in families’ cash-flow can affect families’ decisions on whether and when to have a baby.
For families with an adjustable interest rate mortgage in 2008, the sharp fall in Bank Rate amounted to a windfall of around £1,000 per quarter in lower mortgage payments. In this post https://bankunderground.co.uk/2020/02/14/the-birds-the-bees-and-the-bank-the-birth-rate-channel-of-monetary-policy/#more-6028 the Bank’s researchers show that people responded to this cash-flow boost by having more children. In total, they estimate that monetary policy increased the birth rate in the following three years by around 7.5%. That’s around 50,000 extra babies.
No wonder Mr Carney is an expert on climate change!