Carney is Wrong
Bank of England governor Mark Carney continually talks down the British economy, putting doubt in business minds about investing in the UK, now he is damaging the UK economy more by giving his “disorderly Brexit” speech.
He lowered interest rates right after the Brexit vote, when there was no need, the pound had already crashed and all he did was push it further down.
Carney states that Brexit has cost every UK household £900 from his forecast. Now bear in mind he can’t forecast one month ahead when giving forward guidance on interest rates. If the UK economy is weaker, it’s his doing.
Carney has failed anyone with savings, with interest rates so low that inflation is eating away their future purchasing power.
The Bank of England continually missed the 2% inflation target, in fact he has been the reason that the UK has inflation above 2%, is they lowered interest rates and are keeping them artificially low forcing import prices from oil to food and clothing all to raise.
Unaffordable housing, house price inflation has been fuelled by low interest rates and Carneys refusal to raise them, yes of course they had to lowered because of the financial crisis but should have started to be raised in late 2015 onwards.
Any Brits going on holiday have suffered due to the pound being artificially weak.
Consumer spending is weak as imports are more expensive – this is due to the weak pound and low interest rates. Then Carney says he’s keeping interest rates low due to weak consumer demand, he did this!
Carney talks up uncertainty, most logical business people will simply adapt to the rules of the business environment they are operating in, yet Carney has scared investment away from the UK with his continued negative speeches.
Carney even said "As the consequences of sterling's fall showed up in the shops and squeezed their real incomes, [consumers] have cut back spending growth to rates about one half of those pre-referendum,".
Carney has failed the UK
Carney has failed the UK with his interest rate policy, he has failed to keep the pound strong and inflation under control, he has failed workers by talking down investment in the UK and he has failed savers who have seen the real value of their money fall over the years.
Does he even understand the we are a nation of importers; holiday goers and we want and need a strong pound.
Who is Carney’s boss? Well if its Phillip Hammond they should sack him asap.
24 May 2018, 23:30
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