Mark carney

Thursday

Charles Moore

The problem with Mark Carney

In Washington last week, I encountered amazement that the Bank of England is about to be run by a foreigner. This was not because of any contempt for Mark Carney, the Governor of the Bank of Canada, who will soon succeed Sir Mervyn King, but because Americans could not imagine how a job so pivotal in the national psyche could be bestowed on someone with a different allegiance. The Fed, though far from popular in a country constitutionally suspicious of central power, does have a mythic, incorruptible status. As a result, the chairman, Ben Bernanke, has a tiny (by banking standards) salary. Last year, he was paid $199,700. This is

Thursday

Isabel Hardman

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

Monday

James Forsyth

Like the Mounties, Osborne gets his man

George Osborne pulled off one of those bits of political theatre that he so enjoys today. Watching his statement in the Commons, one sensed something was up as Osborne delighted in delaying naming the new bank governor. It was an indication that, like the Mounties, the Chancellor had got his man. Moments later, a clearly delighted Osborne announced that Mark Carney, the Canadian Central Bank Governor, would be the new governor of the Bank of England. This is quite a coup for Osborne as Carney is widely regarded as the best central bank governor in the world. It also marks a clear break with all that has gone wrong in

Fraser Nelson Fraser Nelson

Osborne’s coup: Mark Carney is the new Bank of England Governor

Hiring Mark Carney may just be George Osborne’s best move since becoming Chancellor. Britain badly needed a break from the failed economic consensus which still hangs around the Bank of England like a bad smell. In August, The Spectator implored the Chancellor to mount a global search. When Carney ruled himself out, I gave up hope and resigned myself to Paul Tucker, who would be likely to keep Britain on its current Faustian monetary path paved with freshly-minted banknotes. Instead, Osborne has succeeded in hiring one of the best-qualified of all the Queen’s 137 million subjects — from a country that knows a thing or two about economic crises and how