Mark Carney, governor of the Bank of England is to stay on at the Bank of England for one year longer than he originally planned, but two years short of the full eight-year term. Mr Carney has been subjected to enormous criticism. His critics miss the point.
It ain’t easy being the governor of a central bank. Back in 2013, he said: “At the end of a five-year term, I will have served as a governor of a G7 central bank for over a decade. In my experience, there are limits to these highly rewarding but ultimately punishing jobs.”
It is just that there was a view that Mr Carney had his eyes on the Prime Minister of Canada job. So being the governor of the Bank of England must be hard work indeed, although, no doubt Justin Trudeau, Canada’s current – and highly popular Prime Minister – might take exception to the view that being a Prime Minister is like a holiday, compared to running a central bank.
Pfft, they should try working down the pit.
Mr Carney took over at the Bank of England in 2013. Normally, this particular job is meant to last for eight years, but Mr Carney made it clear from day one that he only wanted the position for the five. But now he has said he will stay on for another 12 months, still, err (quick let me get my fingers out) two years short of a full term.
He said: “Recognising the importance to the country of continuity during the UK’s Article 50 [EU exit] negotiations, and notwithstanding those personal circumstances, I would be honoured to extend my time of service as governor for an additional year to the end of June 2019.”
So, there you have it. It was “Brexit what dunnit.”
Mr Carney has his critics. Consider these words stated by an obscure politician who had a very painful Brexit campaign sitting on the fence. She said: “While monetary policy – with super-low interest rates and quantitative easing – provided the necessary emergency medicine after the financial crash, we have to acknowledge there have been some bad side effects. People with assets have got richer. People without them have suffered. People with mortgages have found their debts cheaper. People with savings have found themselves poorer.”
Actually, you may have heard of this politician, she goes by the name of Theresa May.
But others say that Mr Carney overstated the mark by making political statements regarding Brexit. So, let’s see, Mr Carney feared economic turmoil as a result of the Brexit vote, so he cut interest rates. Does that make him too political, or just a man doing his job?
No wonder he thinks eight years is too long.