Image: © Bank of England via Flickr

Should Mark Carney be rehired as governor of the Bank of England?

Some people think he's the best bet for a stable economy after Brexit

Financial gossip columns - yes, we hang out there - are aflutter with the news that the UK government might ask Mark Carney to stay on as governor of the Bank of England after his term finishes next year.

What it means: Being in charge of monetary policy (controlling the country’s money supply, basically) might not sound like the most glamourous of job roles, but in British banking circles, Mark Carney is Beyoncé. As governor of the UK’s central bank he and his staff make sure the UK’s financial system is stable and prices don’t swing up and down too wildly.

Central bank governors, like politicians, are only supposed to hold the job for a set number of years (unlike politicians, they’re not elected or meant to take sides in any political argument). But some people think Carney has done such an awesome job that the government should rehire him. That’s partly because they think it’ll be a lot harder for a newbie to keep the economy stable if it encounters a lot of changes during Brexit, which is scheduled for March 2019.

Others think electing a central bank governor for the new, not-in-the-EU Britain should be as simple as ABC: Anyone But Carney. Jacob Rees-Mogg and other Brexiteers have complained that Carney acts as a double-agent for Project Fear by making over-gloomy predictions about the post-Brexit economy.

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Reader Comments

  • WhereAreTheVikings

    What a terrible, terrible shame. Western Civilization nurtured capitalism, and now capitalism is destroying it. And these young people seem to welcome the invasion of their homeland. The media and schools have been very efficient in wiping out all traces of blood and soil.

    • prollawalllynotahumanoid

      Capitalism isn’t the problem. It’s corrupt politicians taking bribes and kickbacks from Globalists and the Chinese.

      • WhereAreTheVikings

        Maybe I should have said crony capitalism. Although Italians importing Chinese to make “Italian leather” shoes is not crony capitalism. It is capitalism, pure and simple.

        • prollawalllynotahumanoid

          That would be crony capitalism and globalism combined. They aren’t concerned with the affect their policies have upon their citizens, the health and welfare of their society and culture or their economy. What it isn’t is fair-free trade to further national interests.

          • WhereAreTheVikings

            I’ve always seen them as one and the same, but perhaps they need to be named individually, just to bring home the point.

      • WhereAreTheVikings

        But now that travel is so easy and borders are virtually down through H1bs and the like, theoretically you can’t blame capitalists for the pursuit of cheaper labor, although I do heartily blame them not being more patriotic than that. Perhaps the emerging nationalism will force them to voluntarily do what they should have morally been doing all along, and that is employing business practices that preserve their countries and nationalities. The government should be doing everything it can to encourage that, to the extent that small government should do anything but guard the borders and strictly, drastically, limit immigration.

      • Henry Lam

        It is China with its corrupted mindset affecting the world.

        • prollawalllynotahumanoid

          No it is not. Capitalism is the fairest and least corrupt system of all.

          Socialism and communism is based on authoritarianism, coercion and police intimidation. It has and always will be rife with criminality, bribes and kickbacks.

          Corruption can be anywhere but it is the very basis of socialism and communism.

    • Henry Lam

      The government is too weak. They do not understand the mindset of communists and how they educate their people. Those communist people are only loyal to their country and could be dangerous. The immigration law should only accept those who accepted multiculturalism and taught from a democratic education system. This virus events clearly has shown how stupid to take China as a friend.

      • WhereAreTheVikings

        The government is not too weak. Just weak-minded about some things.

  • Gabi Rodrigues

    For how many days can a country maximum close their borders to foreigners maximum? Like now, with the virus, everyone is using 30 days. Can it be more?