Posts Tagged ‘Bank of England’

Tory MPs have a nerve to attack the Bank of England

by Ann Pettifor.

When David Davies MP (not to be confused with cabinet member David Davis MP) tweeted “Mr Carney you are an unelected bank official. Theresa May has got every right to tell you how to do your job!” he was quite wrong. Bank of England officials are civil servants and are given a mandate by Britain’s elected government. […]

The downward spiral: private debt rising, wages, productivity & inflation falling

by Ann Pettifor.

The Bank of England’s Andy Haldane is a fine economist. He occupies an ideology-free zone. This is highly unusual in central bank circles. He made a particularly skilful and nuanced speech last week. Many gushed over it. Gillian Tett of the Financial Times suggested that it was good enough to qualify Haldane as a journalist. […]

Why isn’t Labour making more of Bank of England & IMF calls for greater equality?

by Michael Meacher.

It is remarkable that Mark Carney in his ‘Inclusive Capitalism’ speech of 27 May remarked that all the research shows that “relative equality is good for growth”. It is not an original idea since Christine Lagarde, as well as the Pope, have both made similar comments. So if even the Right from both the BoE […]

Solving the Productivity Problem

by Phil Burton-Cartledge.

The high foreheads down at the Bank of England are stumped, confuzzled. Employment is up, output is up, economic growth is up but productivity is stubbornly stalled. In fact, it remains well below the pre-crisis peak. Such a scenario in economics is what Jack the Ripper is to murder mystery. There’s a definite culprit, but […]

Carney, protege of Osborne, struts his Goldman Sachs stuff

by Michael Meacher.

So Mark Carney, Bank of England Governor, thinks it wrong for the EU to demand a ‘crude’ bankers’ bonus cap of 200% of base salary, and also thinks it wrong to break up large banks in order to produce a more competitive industry. What a surprise! Carney is not an independent governor of the Bank […]

Advice to Mark Carney: we need a spender of last resort

by Ann Pettifor.

Ann Pettifor was asked by the Today programme to record a message to Mark Carney, former Bank of Canada governor and Goldman Sachs banker, who starts work today as governor of the Bank of England following the departure of Mervyn King. Although it was in the end not broadcast, the advice  stands. Welcome Mr Carney to […]

Mark Carney’s shock appointment means more of the same

by Ann Pettifor.

This week the chancellor confirmed that there will be no real change at the Bank of England. There will be no change to the Treasury and Bank of England’s obsession with inflation targeting and “price stability”. Above all, he confirmed that there will be no reining-in of the banks; that banks will not be re-structured – […]

When are the banks going to be reformed?

by Michael Meacher.

It is astonishing that the banks, having cost the country £68bn in bailouts plus an additional £850bn in loan guarantees, asset protection schemes and enhanced liquidity, have not been reformed in any way in structure, pay, bonuses or lending.   True, the Vickers Commission is due to report later this year and may some division between the […]

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