Into the gaping vacuum of Westminster leaps the Governor of the Bank of England
In a leaderless UK it fell to Mark Carney to reassure us
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Your support makes all the difference.When, nearly two decades ago, Gordon Brown and Ed Balls announced independence for the Bank of England, they were warned that making the Governor of the Bank of England more powerful could backfire.
Yesterday markets, investors, and families not just in Britain but around the world were grateful for the power of the Governor of the Bank of England. At a time when Britain has no Prime Minister, effectively no Leader of the Opposition, is about to enter negotiations to leave the European Union, and is engulfed by macroeconomic instability, it fell to a former Goldman Sachs banker to reassure us.
And reassure us he did. Mark Carney hinted - the Governor tends to talk in hints - that an interest rate cut and further quantitative easing could be in order to ensure Britain doesn't fall into recession, despite the inevitable slowdown. Both moves would be highly welcome, as would a potential small cut to corporation tax, to send a signal to business that Britain is still a place to invest.
Into the gaping vacuum of Westminster Mr Carney yesterday leapt. All of Britain should be glad he went there. In a time of relentless irony, somehow Britain has conspired to make an unelected Canadian the guardian of our immediate economic future. Good job he's bright.
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