Governor of the Bank of England – Canadian Mark Carney a ‘disaster’?

John Houblon (the first Governor 1694)

John Houblon (the first Governor 1694)

There can’t be much doubt that when Tory Chancellor George Osborne bounced up in the House of Commons to announce his bombshell appointment of Canadian Central Bank Governor Mark Carney (ex Goldman Sachs and an educated economist certainly) to the top post of ‘Governor of the Bank of England’, that it was a political appointment, while historically, this post has been apolitical. He does of course fit in with the Cameron clique – he is an Oxford man after all (and married to an English girl)

It was a controversial appointment of course, as he was the first foreigner to run our major national financial organisation since its inception over 300 years ago. Not only that but Carney came here, not just as a foreign national without any particular commitment to the UK and ‘without’ a substantial Canadian reputation (it is said he ‘got lucky’ there, but then left them in a mess from overvalued currency causing low investment), though bizarrely an ‘international’ one – but he is a self publicising loudmouth of course (with many international speeches to boot), so that might explain it? Normally it is an inside job when a Governor is appointed – promotion of a ‘groomed’ Bank man [no woman has EVER been appointed!]

His predecessor of some ten years tenor was one Mervin King, a internationally highly respected economist, a steady, responsible, if unassuming nice guy who (not completely successfully!) accepted first the role from the Labour Government of controlling the rate of inflation, He is also implicated in the failure to control the excessives of the Banks, but since that was a global failure, perhaps his burden of blame shouldn’t be too heavy?

King’s name was in fact well known within the British public, not because he was a memorable face but perhaps because of his role on trying to control inflation – but certainly NOT because of his self-serving self-promotion surely? Other of the hundred and twenty Governors included John Houblon (the first) and in the last fifty years Leslie O’Brian, Gordon Richardson, Robin Lee-Pemberton, Edward George, – bet you have NEVER heard of them (apart from perhaps the much loved Eddie George!)?

The question is has Mr. Carney done well? Er, NO. Does he deserve the much higher salary? Er, NO. Has the man had any impact after twelve months? Er, NO. Has he done anything of significance? Er, NO. Has he been consistent? Er, NO. Is he listened to? Er, NO. Does he have any political clout? Er, NO. Do people think he is independent of the Chancellor? Er, NO. Did he become a British citizen as he committed? Er, NO. Will he rock the Tory boat and hike interest rates BEFORE next year’s General Election? Er, NO.

 

[Will he last for the eight year term do you think? Most think he wants to stay only five years, but unless the Conservatives win the next election he is likely to be gone in two years time, well BEFORE he becomes a Brit!   (he doesn’t even have to wait for 5 years to qualify for residency as he claims – he is married to a British Citizen so the maximum would have been 3 years if actually enforced)].

 

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