New broom

[KentPhilip]

why the fook have we got a canadian running our bank?

At least he's not an American..

[MarillionFan]

Thought this was about Marry Poppins buying a new vehicle.

[AtW]

He might do a decent job of it.

He surely can't do any worse...

[Mich the Tester]

why the fook have we got a canadian running our bank?

He might do a decent job of it.

[original PM]

why the fook have we got a canadian running our bank?

[sasguru]

It's bull.

He'll talk the market one way, and increase QE the other. That way the pound will rise on the hint of increased interest rates, then fall on more QE, making certain financial institutions and dirty spekulants very wealthy.

What's the betting that your incisive economic analysis doesn't make you any money as you get it wrong? Again.

[AtW]

However there have been several times where they have gone against interest cuts or rises despite what was hinted at by the chancellor of the time.

What a rebellion!!!!



Chancellor appoints 4 out of 9 people DIRECTLY - he also picks chairman and the rest won't get peerage/knighthood if they don't play as expected.

It was never independent, it is not independent now and most certainly it will never be independent.

[bobspud]

"The Bank's Monetary Policy Committee (MPC) is made up of nine members – the Governor, the two Deputy Governors, the Bank's Chief Economist, the Executive Director for Markets and four external members appointed directly by the Chancellor."

Bank of England | Monetary Policy | Monetary Policy Committee (MPC) (your own link)

Govt has got complete control over BoE - if it asks to print money to buy gilts that nobody else wants at the rate offered then BoE asks: how much you want?

Yes, it's like this, it's really obvious because "independent" BoE has NEVER made any decisions that went against Govt. Not a single time - compare this with judiciary that is REALLY independent - lots of major decisions against Govt.

BoE is a pet bank for Govt, it barks when told to do so.

However there have been several times where they have gone against interest cuts or rises despite what was hinted at by the chancellor of the time.

[AtW]

I am not setting out to call you a twat but you do make it rather easy to infer sometimes. The treasury advises but does not vote...

Bank of England | Monetary Policy | Monetary Policy Committee (MPC)

"The Bank's Monetary Policy Committee (MPC) is made up of nine members – the Governor, the two Deputy Governors, the Bank's Chief Economist, the Executive Director for Markets and four external members appointed directly by the Chancellor."

Bank of England | Monetary Policy | Monetary Policy Committee (MPC) (your own link)

Govt has got complete control over BoE - if it asks to print money to buy gilts that nobody else wants at the rate offered then BoE asks: how much you want?

Yes, it's like this, it's really obvious because "independent" BoE has NEVER made any decisions that went against Govt. Not a single time - compare this with judiciary that is REALLY independent - lots of major decisions against Govt.

BoE is a pet bank for Govt, it barks when told to do so.

[bobspud]

FTFY

I am not setting out to call you a twat but you do make it rather easy to infer sometimes. The treasury advises but does not vote...

Bank of England | Monetary Policy | Monetary Policy Committee (MPC)

[AtW]

Perhaps someone should have told him that we set rates by will of the Treasury not the BoE chairmans demands...

FTFY

[shaunbhoy]

the possibility of a slight or material change

Roughly translated means they are going nowhere fast.

[bobspud]

Perhaps someone should have told him that we set rates by a panel not the BoE chairmans demands...

[DimPrawn]

It's bull.

He'll talk the market one way, and increase QE the other. That way the pound will rise on the hint of increased interest rates, then fall on more QE, making certain financial institutions and dirty spekulants very wealthy.

[AtW]

Homeowners in thirties and forties warned of mortgage timebomb: New Bank governor says get ready for higher interest rates

Britain's record low interest base rate could be on the way out after more than four years at 0.5 per cent, the new governor of the Bank of England warned yesterday.

The introduction of a higher rate would be a blow to homeowners and firms used to cheap borrowing.

Canadian Mark Carney, who takes over from Sir Mervyn King on Monday, told ITV News a rise was on the cards, adding: ‘Without doubt they need to manage their business for the possibility of a slight or material change in the level of interest rates.’

Households that are heavily in debt could struggle with increased mortgage repayments and other loans if the Bank puts rates up, although savers would be delighted.

Sir Mervyn, who retires after ten years as governor, told MPs on the Treasury Select Committee: ‘It is clearly the case that with the prospect at some point down the road of higher interest rates it is not sensible to be in a highly indebted position.’

Mark Carney: Get ready for mortgage interest rate rise | Mail Online