Mark carney

Just about anyone, except it seems for the Bank of England’s forecasting department, could have seen this one coming. When the Bank’s Governor Mark Carney decided to bundle a stack of fresh data on the state of the economy into a single ‘Super Thursday’ package released every three months, someone could have checked the calendar and pointed out that the second one would fall on Bonfire Night. The jokes about expecting fireworks, followed by the tweets about damp squibs, were always inevitable. At the very least, they could have started a month later, and avoided that round of jokes. Forecasting, however, has been a weak spot of the Bank’s in recent

Last week Jeremy Corbyn appeared to be on his best behaviour when he attended the state banquet at Buckingham Palace in honour of China’s President Xi Jinping. While he opted to attend the event solo, the republican Labour leader did manage to don white tie, and appeared to successfully make small talk with both the Royal family and members of the Chinese delegation. Alas, word reaches Steerpike that Corbyn’s efforts during the dinner were not so well received. Mr S understands that he actually broke one of the most basic rules of dining etiquette during the lavish do: no mobile phones at the dinner table. Party guests were surprised to spy the Labour leader

Governor Mark Carney is no orator, and whoever puts the fancy metaphors into his speech drafts really ought to desist. In his Mansion House address in June, it was about the legacy of the Great Fire and subsequent rebuilding — just like the great financial crisis, obviously. In last night¹s Cairncross Lecture at Oxford, it was the construction of the Sheldonian Theatre and the strengths of Wren’s design supporting the art on the ceiling — just like the architecture of the European single market, except that ‘they may in time need to be buttressed to realise the full creative potential of the peoples of the UK and Europe’. On both occasions, Carney looked briefly

I suspect that Mark Carney set out to strengthen the case for Britain staying in the European Union with his remarks in Oxford tonight, but his intervention may end up having the reverse effect. First, the Bank of England governor did not talk about the advantages of staying inside the EU. He spoke about the advantages of Britain being part of a free trade block; as Boris Johnson argues in the new Spectator this is still likely even if we vote to leave. Here’s what he said:- ‘Broadly speaking, the evidence suggests that the UK has successfully harnessed the benefits of openness afforded by its EU membership while avoiding some of

In 48 hours’ time, Mark Carney will make an intervention on Britain’s membership of the European Union. According to this morning’s newspapers, the Bank of England governor will deliver a speech on Wednesday evening at St Peter’s College, Oxford to ‘coincide with the release of a report into how Britain’s membership of the European Union affects the central bank’s ability to manage the economy, and how it affects its ability to protect the country’s biggest banks’, according to the Daily Telegraph. That might sound as if Carney is going to deliver the findings of a pedestrian report, but given it has been briefed out to several newspapers, the Bank is clearly hoping everyone

BP’s profits are down, and the oil giant is slashing up to $6 billion out of its investment plan for the year. At Shell, the cut could amount to $15 billion over the next three years. At troubled BG, still waiting for new chief executive Helge Lund to arrive, capital spending will be a third lower than last year. I wrote recently of ‘consequences we really don’t need’ as the oil price continues to plunge: cheering though it is for consumers (and good for short-term growth) to find pump prices at a five-year low, the full impact will not be felt until a decade hence, when projects cancelled now might

Mark Carney has been a very successful Governor of the Bank of England. Since coming to office in June last year, the British economy has gone from strength to strength. Although Mr Carney can’t take all the credit, on his watch unemployment is falling rapidly and business confidence is at a record high. His appointment and policies have been met with general approval by the UK’s business leaders, which is to be welcomed. So it is a shame that yesterday there were reports that the Governor thinks an EU referendum would be ‘bad for the economy’. The claim stems from the Governor’s comments on the Andrew Marr show on Sunday. In response to a

As I type this, Alex Salmond and Mark Carney are chowing over porridge at Bute House, the First Minister’s official residence in Edinburgh. There is always the risk of exaggerating the importance of these things but this morning’s meeting with the Governor of the Bank of England may be the most important encounter Alex Salmond has this year. The question is simple: will an independent Scotland be able to forge a currency union with the rump United Kingdom? The answers, for all the First Minister’s bland assurances that such a union is in everyone’s interests, are not so simple. Like poker players, politicians often have a “tell”. When Salmond offers

Even though Labour is quite clearly rather peeved by George Osborne’s minimum wage announcement, it is, in one way, a compliment to Ed Miliband that the Chancellor felt it strategically important to try to sabotage the Labour leader’s speech on banking, which he will deliver shortly. The Conservatives are aware that even if Miliband has a knack of coming up with policies that sound potty, he also has a knack of framing them in a way that disrupts the political debate. Thus a pledge by a party leader in the autumn to control prices in a market where he has no control of worldwide wholesale markets still managed to cause