Mark carney

‘The central bankers have won,’ a senior City stockbroker said to me this week with an air of resignation. ‘There’s no point fighting them. Investors are doing as they’re told.’ And, wow, how they’re doing as they’re told. Thanks to central bank money-printing, cash is sloshing around the global financial system in desperate search of a decent return. There may still be little sign of a real economic recovery: China has slowed, to add to the misery in the eurozone. Yet the Standard & Poor’s 500 index of US stocks is at an all-time high and the FTSE 100 is within a whisker of breaking above its 14-year peak. Even

MPs are debating the detail of the Budget today, and will doubtless pick over some of the lines from George Osborne’s round of interviews this morning, particularly the confusion over whether Help to Buy is available for those buying second homes. There are plenty of queries about whether the government’s new mortgage plans are actually very wise at all. The debate will inevitably focus on the doorstep issues on taxes and cuts. But will MPs talk about one of the most important elements of yesterday’s announcement? It wasn’t on petrol, and it wasn’t beer duty. It actually concerned monetary policy. The first was that finally the Chancellor wants the Bank

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

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