The_Guardian_-_2016-12-29

The Bank of England building on Threadneedle Street in the City of London. Photograph: Graham
Turner for the Guardian
After an onslaught on his performance by the Conservative party establishment, Carney insisted he
would not be swayed by political issues as he weighed up the option of departing in two years or
extending his contract by a further three years to 2021.
“It is entirely personal, and no one should read anything into that decision in terms of government
policy, actual, imagined, potential, past, etc. This is a role that requires total attention, devotion, and I
intend to give it for as long as I can.”
I’ll see Brexit process through
At the end of October, Carney ended weeks of speculation about his future by agreeing to stay on as
governor of the Bank of England until 2019.
“By taking my term in office beyond the expected period of the article 50 process, this should help
contribute to securing an orderly transition to the UK’s new relationship with Europe,” he said.
Consumers are shrugging off Brexit vote so far
Keeping interest rates at their record low of 0.25% and warning of higher inflation ahead, Carney and
his colleagues on the monetary policy committee said individuals seemed to be resilient for now.
“For households, the signs of an economic slowdown are notable by their absence. Perceptions of job
security remain strong. Wages are growing at around the same modest pace as at the start of the year,”
he said.
Central banks haven’t raised inequality
“An excessive focus on monetary policy in many respects is a massive blame-deflection exercise. We
can’t make the structural decisions that change the path of productivity. Monetary policy doesn’t drive
fundamentals,” Carney told MPs in November.
Rest of Europe needs City of London