Tag Archives: Bank of England

Mark Carney’s Perspective On Britain’s Economy 2014

Jeremy Paxman (aka Paxo) grills the Edmontonian in this BBC Newsnight interview but Carney is un-phased for the whole affair.┬áThe big question is “what is going to happen to productivity in the UK”. There has been an increase in employment but value generation in Britain is yet to truly be realised. In sum, Britain is doing well. a) Inflation is back on target, b) there are 300,000 new private sector jobs and c) the UK is the strongest growing economy amongst advanced countries. Carney is trying to hold back banker bonuses which Ed Miliband opposes in some way(?); definitely well played answer there. Mark Carney finds Bitcoin interesting; the free banking in Canada and the US in the 19th century in which banks could issue their own notes inevitably led to a value spirals. Bitcoin doesn’t work in that fashion but for Carney, BitCoin is just interesting. What works better is an independent institution like the Bank of England regulating the system, with civil servants focused on optimising the economic performance as much as any centralised institution can.