The markets couldn’t care less whether Mark Carney stays or goes – and neither should we

A crash in the pound, with sterling trading down at $1.15, and heading to parity. A spike in gilts, and a flight by bond investors in a panic over the state of the British economy. As the headlines are dominated by reports that the Governor of the Bank of England might decide to pack his bags and return to his native Canada as early as next year, there has been lots of speculation about the havoc that might inflict on our already jittery post-Brexit economy. Right now, no one seems to know whether Mark Carney is likely to stay on as Governor beyond his initial five-year term or not. But ignore some of the more fevered speculation you read in the press. In truth, the markets don’t care very much. Why not? Because Carney has been a fairly mediocre Governor, who has already lost much of the trust of the markets, and who now, it seems, can’t even make up his mind over the date of his own departure.