Mark Carney: I want a debate on inflation target

If Mark Carney had any reservations about his move to Threadneedle Street later this year, he might now add to his list regular sessions with the Treasury Select Committee. His three-and-a-half hour hearing included a quiz from Committee member David Ruffley on his ability to explain capital ratios and other terms, questions on how many mistakes he’d be happy for staff to make, whether he wanted to rename the Bank’s Court, and whether he’d judge his success on the return of growth to the economy during his tenure.

The MPs also started their session with a bit of a grump about his £874,000 pay package, although as James Barty argued in this morning’s City AM, the cost to the economy of wrong decisions under a less well-paid governor is far greater than even this generous remuneration package. Andrea Leadsom quite kindly told Carney she thought he’d probably earn every penny of the salary in any case.