The Economic Question Mark (Carney)

Bank of England Governer Mark Carney has raised a question mark over Theresa May’s assertion that monetary policy has helped those who own assets more than those who are at the other end of the economic ladder and she, in her usual indomitable style, asserts that she has a better understanding of the problem that quantitative easing has caused and her Government “will fix it”. Clearly, she has no footing in economic measures required to fix the problems caused by the massive bank debts that came about due to hands-off economic policies up to 2008, and her solution, if it is to be to have a Government that interferes with market forces is going to cause a raft of problems. Brexit will make this more likely to adversely affect the poverty struck than those who swim in a sea of assets.

Economic stability in Mr Carney’s hands has been an extraordinary success considering the abyss we could have faced. If banks collapsed or our ability to stay ahead of the game was not supported by the Bank of England, austerity would have been even more severe.

May is deluded if she thinks she can do better by creating market uncertainty, queering our markets with misdirection, spook Sterling with promises she can not keep and then insult the Governer of the Bank of England because she “knows better”. She clearly does not.

Mr. Carney must feel frustrated to suddenly have new masters and a mistress who seems to be economically illiterate. The very simple economics of immigration went horribly wrong under her command of the Home Office. The more complex and trigger happy markets will not put up with a leadership that arbitrarily shoots from the hip and interventions that make little sense outside of the space between her ears.

See: Independent article

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