Mark carney

‘The climate transition presents a historic investment opportunity,’ says BlackRock CEO Larry Fink. ‘What the financiers, the big banks, the asset managers, private investors, venture capital are all discovering is: There’s a lot of money to be made in the creation of these new [green] jobs,’ chimes in presidential climate envoy John Kerry.  Fink concedes that the economy remains ‘highly dependent’ on fossil fuels. He also asserts that BlackRock is ‘carbon neutral today in our own operations’. It’s a claim open to challenge. ‘If a company or individual says to me they are net-zero, I know it is complete crap,’ tweeted Glen Peters, research director of the Oslo-based Centre for International Climate

FTSE indices soared as the Biden Bounce met vaccine euphoria, underpinned by the Bank of England’s announcement of another £150 billion injection of quantitative easing. It was heartening to see shares in airlines, hotels and Rolls-Royce, the aero engine maker, perking up — and hardly surprising to see lockdown winners such as Ocado and Just Eat among the fallers. Across the Atlantic, even mighty Amazon shed 5 per cent on Monday. But stock markets are one thing and real life is another. What matters in the short term is whether Boris Johnson can get us out of the lockdown he clearly didn’t want before the tide of redundancies, heading towards

Cripes. At this rate the CBI will be putting out reports on Brexit’s potential benefits, George Osborne will be reminding us he could always see its upside, and even the FT will be running leaders saying Brexit doesn’t quite mean the end of the world. There have been plenty of twists and turns in our tortured departure from the European Union but few quite so unexpected as the apparent conversion of the Governor of the Bank of England Mark Carney to the cause. In a speech yesterday, Carney didn’t opt for any of the apocalyptic stuff – no food on the shelves at Tesco, pensioners dying in hospitals because of

It’s safe to say that Mervyn King,  former Bank of England governor, does not quite agree with Mark Carney on Brexit. In an incendiary article for Bloomberg, he says that the sight of Boris and Blair uniting against the deal shows  that “something has gone badly wrong”. How wrong? Here’s his argument. “The withdrawal agreement is less a carefully crafted diplomatic compromise and more the result of incompetence of a high order. I have friends who are passionate Remainers and others who are passionate Leavers. None of them believe this deal makes any sense. It is time to think again, and the first step is to reject a deal that

The headlines will inevitably write themselves. The Bank of England backs Theresa May. The Prime Minister’s beleaguered and precarious deal is the best of all the options available and the economy may well get through the next few months largely unscathed. Following the testimony this morning from the Bank’s governor Mark Carney, most people will pick up on the support he has given to the Prime Minister and his reassurance that the economy will survive our departure. And yet there were two more significant points that emerged from his testimony. The Bank is finally willing to concede that leaving without a deal wouldn’t be so bad after all. And just

‘There has to be a level playing field so that… Amazon cannot undercut domestic booksellers by using the tax advantage of booking in Luxembourg a sale to a UK customer that is fulfilled from a UK warehouse.’ I wrote that five years ago: since then, no government anywhere has effectively addressed the issue of global tax minimisation by online giants and multinational consumer brands. As Amazon’s merchandise range has expanded, it has gone on undercutting not just our last surviving bookshops but every other business-rate-burdened local retailer. Meanwhile, as its market capitalisation soars towards $900 billion, its founder Jeff Bezos has become the richest man ever, with a $150 billion

If Ben Broadbent’s Daily Telegraph interview last week was the launch of a bid for the governorship of the Bank of England, then it spectacularly misfired. The deputy governor’s use of ‘-menopausal’ to describe an economy past its productive peak — damned by the Guardian as ‘un-abashed misogyny’ even though his awkward metaphor, on closer inspection, was also about loss of male potency — has significantly lengthened the odds on Broadbent succeeding Mark Carney in June next year. Indeed, even though he has the golden qualification of a decade at Goldman Sachs, I hear he’s no longer the favourite even among the four current deputy governors and their immediate predecessors.

It is really worth bothering with Mark Carney’s upgrading of the Bank of England’s growth forecast for 2018 from 1.5 per cent to 1.7 per cent? Carney, you might just remember, warned before the EU referendum that the UK would most likely suffer a technical recession if Britain voted to leave. Even in August of that year, six weeks after the vote, when it was already clear that the economy was not diving into the abyss, he was predicting a sharp slowdown. Growth in 2017, he suggested, would come out at 0.8 per cent. In the event it was 1.8 per cent. We have seen enough forecasts over the past

It is more than three years since Bank of England governor Mark Carney was accused by Labour MP and Treasury Select Committee member Pat McFadden of behaving like ‘an unreliable boyfriend, one day hot, one day cold’ in his hints about forthcoming interest-rate rises. And it’s more than a decade since the last time the official UK bank rate actually moved upwards: the only shift since McFadden’s remark has been a cut from 0.5 per cent to 0.25 per cent in August last year. In fact there’s a palpable sense that the Bank, in common with other central banks, has all but lost the power to deploy interest rates as

House prices are in freefall. Unemployment is rising relentlessly. The pound is plunging on the markets, and companies are re-locating to Paris and Frankfurt in droves. In the parallel universe Mark Carney increasingly seems to live in, that is a pretty accurate description of the British economy. In this universe, however, the picture is very different. The economy is doing just fine – and that is making it increasingly hard to understand why interest rates are being held at ‘emergency’ levels to cope with the ‘catastrophe’ of leaving the European Union. At a meeting of the Monetary Policy Committee yesterday, the Bank left rates on hold at 0.25 percent, while

Mark Carney is often accused of being downbeat about Brexit. But the Bank of England’s quarterly inflation report is ‘more sanguine than one might expect’, says the FT. The paper points out that despite a cut in the country’s growth forecast, the Bank ‘expects stronger net trade and business investment to drive a recovery in 2019’. Yet Carney remained ‘candid’ about the damage Brexit is already doing to Britain’s economy. Businesses are investing less, reports the FT, and ‘this has uncomfortable implications’. With the Bank warning that ‘the level of investment in the UK economy (will be) be 20 percentage points lower in 2020 than it forecast before the referendum’,

I voted Remain last year for two reasons. First, however irritating I found some aspects of the EU, I could not vote for the chaos I believed would follow a Leave victory. From the accession of Theresa May to the night of the general election, that looked like an excess of pessimism; now it looks like wise foresight. The second prong was an analysis of my own and my neighbours’ economic circumstances: in what sense was EU membership actually making us worse off? In my own case, not at all; local shops, hospitality outlets and tourist attractions, likewise. Subsidised hill farmers and fatter farming cats on the flatlands? Not really,

Yesterday Mark Carney – who hates it when politicians say anything about him – had a pop at Boris Johnson, ridiculing his optimistic approach to Brexit as seeking “cake and consumption”. Set aside the impropriety of the Bank of England governor making such a political swipe, Brexit was a deep psychological blow for people like Carney – but at least managed to give him an excuse to keep the economy on the drug of rock-bottom interest rates. Employment is at a record high, inflation is over the target but Carney said yesterday that he still doesn’t think it is “the time to begin that adjustment” – i.e. rate rises. The