Email blunder reveals secret Bank Brexit study

The existence of “Project Bookend” – which was supposed to be kept secret from the press and most staff at the Bank – was revealed when details were sent to the Guardian by mistake.

The newspaper reported that the email indicates a small group of senior economists have been asked to examine the effect of a British exit from the EU under the authority of Sir Jon Cunliffe, who as deputy director for financial stability has responsibility for monitoring the risk of another financial crisis.

The email from Sir Jon’s private secretary to four senior executives was written on 21 May and sent by mistake to a Guardian editor by the Bank’s head of press, Jeremy Harrison.

In a statement, the Bank said: “Today, information related to planned confidential Bank work on the potential implications of a renegotiation and national referendum on the UK’s membership of the European Union made its way into the public domain, due to an internal email sent inadvertently to an external party.

“It should not come as a surprise that the Bank is undertaking such work about a stated government policy. There are a range of economic and financial issues that arise in the context of the renegotiation and national referendum. It is one of the Bank’s responsibilities to assess those that relate to its objectives.

“It is not sensible to talk about this work publicly, in advance. But as with work done prior to the Scottish referendum, we will disclose the details of such work at the appropriate time.

“While it is unfortunate that this information has entered the public domain in this way, the Bank will maintain this approach.”

Labour shadow chancellor Chris Leslie told BBC Radio 4’s Today programme: “It’s a very momentous decision that the country is facing, it’s incredibly important for our place in the world and we have got to have the full information and analysis so that the British people can reach an informed decision.

“I don’t think it’s unreasonable to have an assessment of the consequences for jobs, trade and living standards, but why on earth so much secrecy and concealment?

“I can’t really see why there should be so many hidden agendas here, I think we have got to have an open and transparent and frank debate, not facts hidden from public view.”

Mr Leslie added: “There are a series of questions now that are really important. Is this an assessment and a set of conclusions that will be published? Will it be published in time for parliament and businesses and the public to properly consider it ahead of the referendum?

“What is the timetable for this Project Bookend and who is going to be involved? Is it going to actually consult with businesses and the public and the OBR (Office for Budget Responsibility) and the Treasury too?”

He added: “This is, for me, a really important question: were the Chancellor and the Treasury in on the secret? If so, when did they know and did they advise the Bank of England to publish it and, if not, are they undertaking their own assessment and will that be published too?”

Cameron ‘confident’ on renegotiation

The email leak came after the prime minister said he was confident he would able to secure reforms to Britain’s relationship with Brussels, and is open to the possibility of holding an in/out referendum as early as next year.

Mr Cameron said: “I’ve set out a series of changes which I think address the main concerns which the British people have, that I have about Europe and the way it works and I’m confident of getting those changes.

“I’ve tried to aim at things that are deliverable and doable rather than things that are impossible.

“But I’ve always said that if I don’t get what I think I need, I rule nothing out.”

Mr Cameron is set to go on a whirlwind tour of European capitals, including Berlin and Paris, to explain his thinking to other leaders, and has invited European Commission president Jean-Claude Juncker for talks on Monday.